The Process of Buying a Home
Documentation
Select a Lender that will be a good fit for you.
The documentation required for pre-approval:
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2 years – W2’s
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2 Years Federal Taxes
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3-4 Month of Bank statements
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4 Pay Periods of Pay Stubs
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Get Pre-Approval Letter
Think about your Lifestyle
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Where do you want to live? Close to work, close to public transportation, etc. Try to limit it to 2-3 areas.
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What type of place are you interested in – condo, townhome, single family home?
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Parking?
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How many bedrooms and bathrooms?
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Outdoor space?
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What are your other needs or requirements?
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What are deal breakers?
Offer through closing
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Once we find a home we submit an offer. Response time is usually maximum 2 days.
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Once your offer is accepted you will need to have the property inspected by a licensed Home Inspector.
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There are a few inspection “add-ons” such as testing for Radon, Mold, Termites, and Chimney.
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Remember, this is your new home and you want to make sure you know as much as you can before moving forward.
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Reply to home inspections — this is the window where you and the seller can adjust your offer based on the inspector’s findings.
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Final offer is accepted.
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Find a homeowners insurance policy.
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Meet requirements and secure mortgage from lender. This could mean completing a course to prepare you for purchasing your first home and providing more financial records.
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Settlement.
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Move in!