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Welcome to the Buyers Guide! This is a snapshot of what to expect when preparing to buy a property.

Choosing A Mortgage Company

It may seem simple but recommendations can be a great way to find a mortgage company. Asking a close friend or relative who they have worked with can add more of personal feel which most buyers prefer.

It's always important to choose a company that has your best interests in mind.  Whether they're offering advice or allowing you to contact them outside of business hours, choosing a mortgage company that thoroughly explains the process of a loan is key when preparing to buy a property.

1. W-2 Forms for the last 2 years
2. Last 4 paycheck stubs
3. Residential address for the past 2 years
4. Landlord's name and address for the last 2 years of residency
5. Copy of lease or copies of the front and back of the last 12 rental checks
6. Name and addresses of employer for the past 2 years
7. Bank name(s), account number(s) and current balance(s) for all checking and savings accounts, money market or other asset account(s)
8. Name, addresses, account numbers and monthly payment amounts and balances of all open loans -- including car and student loans.
9. Addresses of all other real estate owned
10. Current lease information, tax bills, insurance and deeds of all other real estate owned
11. Latest credit card statement(s)
12. Check for credit report and appraisal
13. If self-employed or if owns more than 20 percent of a company- the last 2 years of tax returns with all the schedules and year to date Profit and Loss statement
14. Social Security Card
15. Green Card (if applicable)
16. Certificate of Eligibility (if VA loan)
17. Copy of signed Purchase and Sale Agreement
18. Deed
19. Copy of the front and back of all deposit checks
20. Condominium Documents- Master Deed. bylaws, master insurance policy, budget and Fannie Mae 1028 Certificate (if applicable)
21. Divorce Decree and verification of child support/alimony payment (if applicable)
22. Gift letter and proof of donor's ability to provide gift (if applicable)

Credit

During the buying process, you should NOT open any new credit cards or PAY OFF any debt you may have. If you do, you will send red flags to the bank granting your loan. It's actually a situation most buyers fall into. They think paying off their debt will increase their chances of getting a loan and instead they find themselves writing a long letter as to where the money came from and why they paid off the debt. This can sound a bit overwhelming, but the best thing to do is to maintain your regular payments and refrain from opening new lines of credit during the home buying process.

Home Buying Time Line

1. Obtain a Mortgage Pre-Approval
•  Select an Agent
2. Offer to Purchase
• Good-Faith deposit $1,000+/- (7 days,+/-)
3. Inspections
• Home, Termite, Radon (3-5 days)
4. Purchase & Sale
• (1-2 days)
5. Mortgage Application
• Processing & Appraisal (21 days)
6. Mortgage Commitment
• (Date Agreed On)
7. Final Walk-Through
• Final figures through attorney
8. CLOSE (smile, you made it!)