First-time homebuyers need to have a blueprint. It’s an amazing time to buy a home, with so many loan programs like FHA Loans, VA loans and the Bank Statement Mortgage ready to help you move into a house with today’s low interest rates. There are a lot of ways to buy a house, but there are some universal things that you still need to figure out. Want to buy a house? Start this weekend!
Start saving. Unless you qualify for a VA Loan, you are going to need a down-payment of some sort. You have to put down 20% with a Conventional Loan, and 3.5% down with an FHA Loan. You also have to have savings on top of that in order to show us that you can make your payments after the mortgage closes.
So what’s the best way to put that money away? Start small. Look at your budget and find ways that you can cut unnecessary expenses. Find a way to put away $100 a month. Then $200 when you’re comfortable. Continue to save money where you can and soon you’ll find yourself ready to buy a home.
Get credit where credit is due. Your credit score is a massive part of buying a house, and the better it is, the better rate you will get on your mortgage. So get to work on it. Order a credit report and spend some time this weekend looking it over. There are three major credit reporting companies – Equifax , Experian , and TransUnion . Each company has their own report. You have the right to a free copy of your credit report once per year from each of the three companies at www.annualcreditreport.com . You can also call 1-877-322-8228. This lets you see if there are any inaccuracies on your report and allows you to dispute them to get them removed. You can also see if there are any claims against you that you may have been unaware of. Get a head start on fixing your credit this weekend.
Get your stuff together. We require some information to get your mortgage, and the more you have together, the faster every step of the process is, from pre-approval to closing. Look for all of your financial documents this weekend, including:
Profit Statements (Only if self-employed)
Proof of income from rental properties
Proof that a gift is not a loan
12 months of canceled rent checks and bank statements
Proof of age of children in child support is involved
Bankruptcy discharge paperwork
This isn’t everything, and every mortgage is different, but it will give you a good start towards having your mortgage ready.
The biggest thing you can do over the weekend is to call us! The Home Loan Expert is available Saturdays and Sundays to take your call and work on getting you pre-approved. While other banks and mortgage companies are taking the day off, we’re helping first-time homebuyers buy a new home.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656. You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?