Ready, set, BUY! The housing market is really heating up and the Upper Valley is off to a great start in 2013. If you are thinking about purchasing a home, now is the time to get your ducks in a row and get started with the process. Doing a bit of homework ahead of time will save you time (and that can translate to money) and it will make the buying process a whole lot easier- and, if you are prepared, you have a better chance of not losing the house that you want to another buyer!
- Talk to a lender. Run the numbers. Know what you can afford before you begin your search.
- Have your down payment ready. 20% avoids primary mortgage insurance, but there are many loans that require less.
- Get a copy of your credit report and read it carefully. Fix problems that are fixable.
- Hire a Buyer’s Agent. ( Remember, most agents represent the seller, not the buyer. Only an exclusive buyer’s agent can represent you 100% of the time.)
- Get pre-approved for a loan.
- Be informed. Work with your Buyer Agent to educate yourself about the market- look at comparable house sales, the neighborhood, schools, employment opportunities, etc.
Another helpful tip is to be prepared for the loan application process. Pre-approval is great, but no money is lent until a full application has been made and approved. You can help speed up the process by bringing these items with you when you apply for a loan.
- most recent pay stubs covering the past 30 day period
- W-2 and 1040s for the past 2 tax years
- two most recent bank statements for each account on your application
- most recent retirement statement ( IRA/401K)
- photo id
- copy of Purchase and Sales Agreement*
- copy of Earnest Money check*
- copy of Legal description of property *
* if under contract
You can start your home search here! And, as always, give us a call or email us if you have any questions or would like to schedule a showing. We would love to make 2013 the year you found your perfect home.