When buying a home, many people start with an idea of what, where and when they want to buy a home. They look at tv shows, search the internet or drive neighborhoods looking for their dream home.
This is great to get you motivated and dreaming, but when you are ready to really start, the # 1 place to start is finding out how much home you can afford and qualify for.
Start by gathering up the following items to give to your lender, bank or mortgage broker.
1. 2 months pay stubs for everyone applying for the loan.
2. 2 years tax returns for everyone applying for the loan.
3. 2 months bank statements for everyone applying for the loan.
4. An explanation letter for any unusual large deposits in the bank statements.
5. An explanation letter for any lapses in jobs.
Your lender, bank or mortgage broker can start with those and they may ask for other things depending on the type of loan you are getting.
Your credit will be checked at the beginning of the loan process and just before the closing. So you should refrain from buying any big ticket items or getting any new loans or credit cards. Many approved buyers have been rejected just before closing because they bought a new car, motor cycle or new furniture and their credit report showed it.
Now once you have been approved and know what your price limit is, your realtor can help you find the best properties that fit what you want.
If this helps let me know.