Homebuyer's GUIDE
A COMPLETE HOMEBUYER'S GUIDE TO FINDING YOUR DREAM HOME
MEET YOUR
HOME PURCHASE TEAM The Real Estate Agent One of the most important key players in the home buying process is the real estate agent. The real estate agent’s job is to listen to your needs, and help you find exactly what you are looking for in a home. For most people buying a home doesn’t happen every day, but real estate agents handle these transactions all the time, so take advantage of their knowledge and experience.
The Loan Officer The loan officer you work with will be responsible to help you attain the best possible rate and terms on your mortgage. They will help you get pre-qualified, which will determine how much you can borrow, and how much home you can afford. Before you make final decisions, they will explain all loan options.
The Insurance Agent Before any lender will fund your loan, they will need to see proof of your homeowner’s insurance policy. Your insurance agent will ensure that you are completely covered to your lender’s standards.
The Title Officer & Settlement Agent In MOST cases, these two people work for the same company, and although many believe that their roles are one in the same, their duties are different. The title officer deals with issues relating to the title or deed of the home. A settlement agent is an objective third party that is involved in the real estate transaction.
The Home Inspector This person will inspect the home for damages or issues that need to be fixed; could be mold, pests, structural damage etc. This step is critical because the outcome of the inspection will determine whether you move forward with the transaction, or stop and re-evaluate the terms of the sale.
The Appraiser The appraiser is responsible for estimating the market value of the home. There are certain criteria that they use to estimate the value, such as measuring it against similar homes in the area. Some lenders require more than one appraiser’s estimate.
FINANCING YOUR HOME
Documents Needed for Pre Approval 1003 (Customer Application)
Credit Report (Within 60-Days)
Paystubs (Covering 30 Days)
Proof of Funds (2 Months Bank Statements)
2-Years W-2's Copy of AUS Findings (DU/LP)
2-Years Federal Tax Returns (Unless W2 Only)
What Is Your Monthly Payment Made Of? Principle and Interest
HOA Dues
Tax / Insurance
Mortgage Insurance
= Estimated Monthly Payment
Do Educate yourself about the homebuying and home financing process, making sure that you meet your short and long-term financial goals. Stay in your job so your mortgage lender can verify your current employment status. Stay current on all your payments, including payments for your mortgage, automobile, credit cards, student loans and any other debt. Make sure to organize key documents, including check stubs, W-2s, tax returns, bank and investment statements, etc.
Do Not Make large deposits, withdrawals, transfers or financed purchases. If you must, then save the documentation itemizing these transactions. Allow your bank accounts to go in the negative, even if you have overdraft protection. Apply for new credit or give your personal information to anyone else who might run your credit, which can hurt your credit score. Close credit card accounts after you’ve paid them off.
THE PROCESS TO BUY YOUR HOME
YOUR HOMEBUYING PROCESS STARTS HERE STEP 1:
Dream up your dream home
Negotiate any needed home repairs
Are you considering buying a home but unsure where to begin? We can take you through the process one step at a time and you might find that it is far easier than you imagined!
Get pre-approved for a home loan
A pre-approval shows you how much you can afford so you can narrow down your home search
Choose & apply for the right home loan
Coordinate appraisal & home inspection
Start home hunting with your Real Estate Agent
Make an offer on your dream home
MOVE IN! Loan underwriting and processing
Sign loan & closing documents
The magic thing about home is that it feels good to leave, and it feels even better to come back. - Unknown
Are You a First Time Homebuyer? Don't go thinking you need to put 20% down on your dream home! Did you know you could put down as little as 3.5% with a FHA loan?
Unique Mortgages for Everyone Conventional | Jumbo | Government | Reverse Mortgage | Bank Statement Program | Non-Qualified Mortgage | Down Payment Assistance | FHA
Get in Touch FOR YOUR NEXT STEPS TO YOUR NEXT HOME!
Mortgage Consultant, nmls 265834 licensed in MN & WI 651.303.8563 matt@mattminder.com mattminder.com
REALTOR ® 612.799.3947 jana@korbyhometeam.com korbyhometeam.com
Each office independently owned and operated
NMLS ID#6606. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. ©New American Funding. New American and New American Funding are registered trademarks of Broker Solutions Inc. dba New American Funding. New American Funding and Keller Williams Premier Realty shared the cost of this advertisement. All Rights Reserved. Corporate Office is located at 14511 Myford Road Suite 100, Tustin CA 92780. Phone (800)450-2010. 07/2021