In part one I discussed the basics of what most people are missing... They mostly forget to plan.  It is the biggest investment you will make, yet we often have people that seem to wake up one morning and say: "let's go buy a house" with out a clue as to what to expect!  If you did not read part one..... YOU SHOULD!

here is a link to Part 1: http://www.activerain.com/blogsview/558046/How-do-I-buy

Now for Part 2:

Part 2

OK, you are ready to buy!  Now what?

This may sound silly at first... But DON'T look at houses, not yet at least.

You need to go over your finances with a Mortgage professional first. The worst thing you can do is go out looking with out being qualified.

This is the information any ‘good' loan officer will need when you speak to them, whether it is on the phone or in person:

• Most Recent pay stub or 2, and the prior year's W2 for all jobs. (this will help clear up any income questions and give your Mortgage Guy a clear picture of your TRUE income) They will need a 2 year history.
• Bank statements for all accounts. (checking, Savings, retirement etc) Your lender needs to know what money you have to work with and help you structure the deal. There are  not a lot of "no money down" programs available these days, so be prepared to put a small down payment.  The more money you have the easier it is to be approved, even if you are not using the money for the purchase. Reserve funds are also a big piece of an approval.
• Tell your Mortgage Guy EVERYTHING, it is their job to be the filter to help make sure that everything is put together properly for you.
• Credit Report:  This is a necessary evil to see what you can or can not do. Not only will a credit report give your lender Credit scores, it will also show payments and balances on your Credit accounts and payment history.

After a conversation with your trusted lender and a needs analysis for what will fit you best you are ready to go shopping! This conversation should include what your goals are, what a comfortable monthly payment will be along with what you actually qualify.

There may be another step in between here, but a good Mortgage person will also help keep you on track to buy even if you are not 100% ready to buy now.

 Now you can look at houses!   (look for Part 3 and Part 4 Coming soon!)

If you have any questions, please do not hesitate to contact me!

Rob

Robert Rauf

WWW.RobertRaufHomeloans.com

(732)740-0175