| 1. |
PAYING
CASH – If
you are buying your new home without a mortgage, call The Closing
Specialists® at 888-680-5177 first for an idea of
transaction costs. You'll want to have this basic information in
hand before you negotiate your purchase contract. |
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| 2. |
GETTING
A MORTGAGE
– The mortgage process will be a lot easier if you approach it
with a plan. |
|
a.
|
How
much cash do you have available for the transaction? |
|
|
1)
|
Make
copies of your account statements. |
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|
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2)
|
If you
are receiving financial help from a relative, make some notes.
Your lender will need to verify gift donor information. |
|
|
b. |
Make
a list of debts you owe including account number, monthly payment,
and balance owed. If you think you may need to reduce your debt to
get a mortgage, wait until you choose your mortgage lender. If you
need to reduce debt, your lender will advise you which accounts to
pay off in order to qualify. |
|
c. |
Realistically
calculate your gross monthly income. Make a copy of your most
recent pay stub and the W2 form for last year. If you are
self-employed, make a copy of your tax returns for the last two
years. Any other source of income should be noted such as child
support or social security. |
|
d. |
Get
a copy of your credit report to avoid surprises. You can skip this
step if you want because your lender will order one anyway. If you
find a less than perfect report, don't give up. Perfection is in
the eye of the beholder and you may find a lender willing to work
with you.
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