Congratulations on your decision to buy a new home!
There are many important things to consider throughout the process, especially if you're a first-time homebuyer.
Here's some information that will help get you on track to buying your home...
In General, a home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Mortgage Professional, it should be an efficient, pleasant, and rewarding experience.
Getting Started
TIMELINE
If you have any credit issues that need to be resolved - take care of those NOW. If you need to speak with a Mortgage Professional to help guide you through what needs to be done, please call us right away. We can help you with what needs to be taken care of and the time line needed before you can get a loan.
Please begin your loan process a maximum of 120 days prior to when your lease will expire and/or when you are planning to be in a home.
YOUR BUYING POWER
Contact your Mortgage Professional to get pre-qualified. This will provide information to you as to the maximum payment, loan amount, and purchase price you can afford.
Down payment - if you already have the funds for the down payment, Congratulations! If not, our Mortgage Professional can help determine how much is needed and provide avenues that may help you with the down payment.
PULL ALL YOUR DOCUMENTS TOGETHER
If your credit has been "frozen," please un-freeze it from all three repositories, for approximately 30 days/1 month. If your loan is not closed within 30 days, you will need to unfreeze it again before closing. There is no charge to freeze & unfreeze your credit.
Most Recent 30 days of pay stubs
W-2s for the most recent 2 years
Federal tax returns for the most recent 1-2 years (based on loan requirements), all pages, personal & business, including K-1's if applicable
Bank statements & investment accounts for the past two months
Retirement account statements for the past two months or the most recent quarter if they cycle quarterly
Make and model of vehicles you own and their approximate resale value
Child support or alimony being paid = provide divorce decree, separation agreement / support orders.
Child support or alimony being received - only needed if using this income for qualifying = provide divorce decree, separation agreement / support orders.
If there have been past credit issues, such as bankruptcy, foreclosure, or short sale - provide documentation for whatever applies and a signed & dated letter of explanation for the reason that caused this.
If you are a veteran and wanting a VA loan please provide your DD214. If you currently own Real Estate:
Most recent mortgage statement for all properties owned
Home insurance declaration page from policy for all properties owned - The declaration page lists agent contact information, premium & dates of the policy period
Home equity or 2nd mortgage (if applicable) - If you will be keeping the Home equity loan or 2nd mortgage please provide a copy of the note for this loan
NOW IS THE TIME TO APPLY
Use our convenient on-line application to complete the loan application.
Upload all the requested documents.
Get the loan approval.
CONTACT A REAL ESTATE PROFESSIONAL
Provide your list of home wants, needs and price range to the REALTOR®.
Begin looking for homes.
Contract on a home.
Choose to lock a rate
Do an inspection.
Order appraisal
Close the loan and move in.
COUNT ON YOUR MORTGAGE PROFESSIONAL TO:
Timely return phone calls & emails and answer your questions upfront and throughout the process. This is the largest transaction you will likely have in your lifetime and it is critical that you understand what's happening & feel comfortable during and after the transaction.
Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
Keep you informed of your loan status throughout the entire process.
Keep your Real Estate Agent informed of your loan progress. (Note: your personal information is always kept confidential between you and us; only contract requirements and progress are shared.)
Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.
COUNT ON YOUR REAL ESTATE PROFESSIONAL TO:
Preview available homes to weed out those that are overpriced or undesirable.
Present the homes that suit your needs as you've defined them.
Help you determine the difference between a "good buy" and a property which might have to be discounted if you decide to sell in the future because of its neighborhood, market appeal, etc.
Negotiate the best deal for you. With a Pre-Approval letter from us in-hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower! (most lenders only give a pre-qualification letter - ask us why this makes a difference!)
COUNT ON YOURSELF TO:
Keep your Mortgage Professional and Real Estate Agent informed of any questions or concerns as they develop.
Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
Enjoy purchasing your home, but do remain objective throughout -- to make the wisest business decisions that are best for you and your financial future.
Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
Do not change or quit a job during the process of your loan without speaking with your mortgage professional first. (reverification on employment is required just prior to closing)
Do not apply for or take additional credit prior to closing and funding of the loan as a new credit report is accessed just prior to closing.
Do not spend any of the funds needed for closing on anything else prior to closing.
ACADEMY NATIONAL MORTGAGE CORPORATION - NMLSR #191799
SERVING ALL OF COLORADO
Phone: 303.987.0622 / Cell/Text: 303.902.0082
Fax: 303.312.1017