Before getting started and even before running your credit, there are a few things you should do to get ready.
First, you will want to get your income documents in order. Majority of all lenders require the same paper; previous 2 year tax return & W2s, current 30 days of check stubs, Current bank statement, State ID card & social security or government ID. If you need to obtain your tax returns, you can get a free copy on IRS.gov, or just reach out to your tax preparer. REMEMBER, if you're planing to purchase at the beginning of the year, PLEASE reach out before filing taxes. Its a common mistake that taxes are filed wrong, and that will postpone your home purchase until the next year. This is a service we will provide to you, for FREE.
Second. Check your credit. Although, most of the free apps that provide your credit score are NOT 100% accurate, this will at least give you a rough estimate where you score is at. It will also give you a list of accounts, balances, inquiries and negative accounts ( if any ). This does not mean that you need to take action. Its more of a self awareness, so when you start the application process or speak to the loan office you will have an idea on whats going on. If you do have any negative accounts or high balances, BEFORE going to credit repair or paying off accounts, its crucial you meet with us first, to guide you to make the correct payments. There has been many instances where the buyer does not need credit repair, only needs to make adjustments on credit report. Again, this is a FREE service that will be provided to you.
The Final recommendation is to do a quick layout of budgets. What is your take home on a monthly basis? Which are the larger payments you have that you cannot pay off immediately and which ones are close to completion. ( remember , dont pay anything off just yet) Are you currently paying rent, and how much more are you comfortable paying. AND MOST IMPORTANTLY, how much are you spending on a monthly basis that is just waste. We see this all the time. Sometimes, the difference between the home you want and the one you settle for, is only 4 What-A-Burger lunches, 4 StarBucks coffees & a pair of shoes that still have the price tag, away from budget. You are always more than welcome to come by and we will go through this together.
On the next video, we talk about what you should expect during our initial consultation. Budgets, costs of buying a home ,programs/ credits and examples of loans in different prices. You dont want to miss out on that.