As mortgage interest rates rise, much less competition is giving first time homebuyers a better chance to have their offers accepted. Having a step-by-step guide will definitely making the process of buying your first home feel like a breeze. Ready to buy (or maybe getting ready to buy)?
Step one – Find a mortgage broker:
Locating a seasoned loan originator who is available via emails/texts/calls is imperative. This loan professional should be your best advocate in this process. A mortgage broker will shop the mortgage against every available wholesale lender in the market and find the best deal that will fit your needs. He/She will be getting all the competitive rates and providing fees, rather than you shopping for the rates by going to each bank/credit union on your own. In addition, a mortgage broker will have access to a wide range of products (such as FHA, Conventional, Down Payment Assistance, Jumbo, Limited docs loans) that will fit your individual needs.
Step two – Provide crucial documents
Once you have located the loan originator you trust it is essential to know how much you can qualify for. What are the crucial documents? Here is the sample list of documents that will help your loan officer to advise how much you can buy. Each individual may have different income/asset circumstances that may need other documents to support.
- Most recent 2 years of W2s
- Most recent paystubs covering 30-day pay period
- Most recent bank and asset statements with all pages
- Most recent federal tax returns with all statements and schedules
- Other income supporting documents
Tune in next week to find out the next steps! Or contact me today at 925-216-3618 for more information.
