Five Easy Steps to Buying Your First Home
Here are some tips for buying a new home according to www.locationshawaii.com.
1. Get Your Team Together. Buying a home may be the biggest investment you will ever make, so it pays to call in the experts. You’ll need a Realtor and a loan officer.
2. Get Prequalified. Determine how much house you can afford and get prequalified. The goal is to find out how much you are qualified to borrow. Remember, at this point you only want to get an idea of your borrowing power and you are not making any commitments to borrow from any particular lender. Shopping for the very best loan terms will happen later on in the process.
3. Clean Up Your Credit Report. Part of getting prequalified will include a check of your credit score. If your score comes in low, you won’t qualify for the best interest rates. The loan officer will advise you on what you can do to improve your score.
4. Gather All Your Financial Documents. Typically, what you will ultimately need to provide the loan officer is your most recent 2 years of tax returns, 2 months of bank statements, and 3 months of pay stubs. If these items are not immediately available, now is a good time to start gathering them.
5. Start Your Search Online. With all the listings at your fingertips, you can take the price amount the loan officer gave you and view a list of everything on the Island at or below that price. You might be surprised at all you have to pick from.
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