The more time you allow yourself prior to starting your actual search for properties, the better. That said, your first step should be finding a reputable and experienced mortgage professional to help you in the preparation for buying. Perform a search online ... then talk to others that you know that have purchased recently. Ask for referrals. Speak to other professionals in the real estate industry, such as attorneys, insurance agents, agents themselves, home inspectors, etc. Collect a number of names and then check-out their websites, blogs, and services to see which you'd like to interview and talk to. Then contact them. See which Mortgage Lender is a good "fit" for you personally. Who you feel comfortable with. That is very important as you proceed.
While you're doing the referral process ... start collecting the financial documents and information you will need to make mortgage application/or be pre-qualified for a loan. The link below will give you a list of those documents that will help you accomplish that. Download it for handy reference.
Have your Social Security numbers ... and your employment information available when you speak to the mortgage lender. Should they want to run your credit report(s), they will need that information available at that time. Once your mortgage lender has a better understanding of your credit, financial abilities, and your hopes/desires for a home ... they will be able to start providing you options in regards to mortgage programs and more. They will also be able to provide you with a Pre-Qualification Certificate that will help you and your real estate agent know what price range of home to consider ... and then better make offers on your selected homes on your behalf.
If I can be of further assistance, please don't hesitate to ask here, write me, or call. I'll be happy to help you during your preparation and buying of your new home. Best of luck to you, no matter your mortgage lending decision ...
You need to be pre-approved for a loan first. When you are pre-approved it means that you qualify for a loan only subject to the appraisal of the home you want to buy. This will let you know how much home you can afford and a pre-approval shows sellers that your are a serious buyer. You will be ahead of many other buyers who are pre-qualified or have never talked to a loan officer. Your next step is to decide what you need in a home and then find an agent that can start to send you some listings in your price range so you can get familiar with the market. You should meet with that agent and review your needs and go over properties that have an interest in. Then go out and see some of the homes. You may decide that what you want has changed as you view properties ( this is common). You need to understand the market so when you see a great deal you can make the decision to place an offer. The best way to do that is view homes as soon as possible. When you find that perfect home your agent will assist you in making your offer. This is a fantastic buyers market with many home on the market and interest rates the lowest in over 40 years.
All the best to you and your family,
Make a list of what you want in a home and prioritize it. This simple project will save you lots of time looking at "cute" places or "bargains," that would never be right for you. If a home does not match YOUR priorities, you won't be happy with it. Just because a house is in a nice location and well priced does not mean it is your house. If you are certain you want 2 full baths, why look at 1 bath homes? Or if you really want an attached garage - why look at a house with a carport?
Have agent start search and do research about area. Schools, taxes, etc.
Once in Agents hands you should be all set.
Western NY & Ellicottville
First you need to talk to a lender- Find out what you can afford and more importantly- How much of a payment are YOU COMFORTABLE with.
Next - contact a real estate agent and go sit down and interview them. You need to find out if this is the person that you and your wife want to work with on such a huge investment. A good agent will make you feel comfortable and share their knowledge of both the housing market and the process of buying
Once you have those two things settled, clear some time and go out and LOOK.
Please consider me- Jack Disimone / LW REEDY. 630-833-1700
Good luck with your search
Your first step should be to get pre-approved by a mortgage lender. Topics to be discussed with the loan officer should include your maximum limit, your comfort zone, loan types, and loan eligibility. You will have to provide W2's & tax returns for the last 2 years, paystubs for the most recent month, and bank statements for last 60 days. The loan officer will then provide a pre-approval letter to you and your realtor so you may begin searching for homes. Contact me if you have any questions, or need some help. Good luck!
BTW...I grew up near Gouin Park, and I still have family near there.
1. FOOT TO THE LENDER-Get pre-approved (This is power)
2. FOOT TO A REALTOR
3. BOTH FEET TO SIT AND GET COUNSELING AND PLANNING A STRATEGY
4. FOOT REALTOR TO STUDY MARKET YOU WANT AND TELL YOU WHAT'S OUT THERE.
5. BOTH FEET, Look at homes with your Realtor- He doesn't cost you anything and you got experience on your side.
6. BOTH FEET STAND UP AND MAKE YOUR PURCHASE AND YOUR DOLLARS WORK NOW FOR YOU.
7. SIT DOWN NOW...AND WAIT ABOUT 45-60 DAYS FOR A NORMAL CLOSING.
Call me if you don't have anyone yet. HAVE FUN DOING IT. ;)
Always use a full-time, full service Realtor- who you can relate to. That agent will have professional loan officers and attorneys that they work with. If they have been in business for like 20 years and do millions in production each year, while still treating their clients like people and not numbers, then you will have a fruitful experience. Remember -all agents have different abilities and skills.
2) Don't make any major purchases (like a new car) and try to keep your debt as low as possible.
3) Get in touch with a Realtor who you can trust to represent your interests and tell you the truth.
Beyond that it goes into the transaction, and you agent should be able to guide you through. I would love to be considered. Please give me a call.
Anthony Cavalea IV