Buying a house 101

Real Estate Agent with Florida Capital Realty BK629574

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.

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Comments (2)

Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Welcome to Active Rain Carlos Martinez!

and congratulations on your first post! 

We like your writing style!

As REALTORS® who have been here for almost 10 years, it's well worth it!

We wish you great success with your blog posts and networking with other members of Active Rain!

We clicked the “Follow” button on your profile so that we will be alerted to your future blog posts and can read and comment on them, and we invite you to "follow us" - should you be interested - by clicking the “Follow” button you see underneath our photo to the left. There is no requirement or obligation for you to do so, but we would be honored if you choose to do so!

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Aug 17, 2016 12:53 AM
Carlos Martinez
Florida Capital Realty - Miami, FL
Selling homes from Miami to Hialeah for 21 years.

Tony and Suzanne, thank you for following me. Yes absolutely I will follow you. This is my first real blog. I hope it's helpful to people.

Aug 17, 2016 07:32 AM