Are you buying your first home? Here are some things to keep in mind as you embark on the home buying journey.
How Much Can You Comfortably Afford?
The pre-approval process, which involves asset and income verification & credit check, will let you know what you qualify for. What you qualify for and how much you decide to spend are two different numbers. Think about what you are comfortable paying each month and consider any expenses that will come with home ownership (maintenance, etc.). Once you’ve determined what you are comfortable paying, you can focus on homes within your price range.
What Kind of Property Do You Really Want?
Single family, multi-family, condo, co-op, Victorian, Colonial, Cape, split, ranch, cottage, cabin, teepee…home types and legal distinctions are plentiful. Are you looking to purchase in a specific neighborhood, city or school district? Do you need 3 bedrooms or more? How many bathrooms do you require and is a garage necessary? Narrowing your search will save time and help you to act faster when your perfect home hits the market. An experienced Realtor will take your home amenity wish list, location desire, and price range into consideration when selecting homes to show you.
Where Do You Want to Be and How Long Will You Be There?
You’ll want to strike a balance between buying what you can afford and buying what will accommodate your needs for longer than just the first few years. Assess your plans for growing your family and how your income might grow to match. Planning ahead is especially important in today’s market, when trading up tomorrow may mean both a more expensive home and a higher mortgage rate.
How Does the Process Work?
This is a time when the internet doesn’t have all the answers. The process can vary for many reasons. Generally, the purchase process includes the following: mortgage pre-approval, offer to purchase, offer acceptance, home inspection, contract, loan application, home appraisal, title review, loan approval/underwriting, then closing/funding, and moving in. Many little steps can fall in between, and the process won’t always occur in a given order. Find a loan officer near you and who will help you understand the nuances of your market today.
How Much Cash Will You Need To Close?
This information will vary from person to person and is dependent upon a variety of factors. Your loan officer will provide a Good Faith Estimate (GFE) early in the loan process which includes an estimate of closing costs. Before your loan closing you will receive a Settlement Statement (referred to as the HUD-1), which will detail the final closing costs. Note: On October 3rd, the CFPB will require lenders to use different forms. Visit inlanta.com/TRID to learn more about the Loan Estimate and Closing Disclosure (which will replace the GFE and HUD-1).
Ready to Begin the Home Buying Process?
Getting pre-approved for a mortgage loan is your first step! Complete an application online today and we will connect you with a loan officer in your area.
About Inlanta Mortgage
Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.
Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.
Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.
Inlanta Mortgage, Inc. NMLS #1016