Dreaming of buying a house?
Have you been skipping those dinners out on Friday nights in order to save for your down payment? Are you scouring Zillow or Homesnap like it’s nobody’s business? You are not alone! Homeownership is part of the American Dream! And I can help you make that dream a reality! But first, you need a preapproval.
We all get sucked into binge watching hours of House Hunters from time to time–whether you want to admit it or not. Viewing lots of homes and comparing and contrasting them is fun. Being filled with that “this is the one” feeling is incredible! But you know what’s not incredible? Not being able to make an offer on the house you love because you aren’t preapproved yet!
However, after having been quarantined in 2020 and the real estate market in NY being shut down for months, sellers now require a copy of a buyer’s preapproval, or proof of funds if you are a cash buyer, before confirming any showing requests. Sellers want to know that the people touring their homes, donning masks and gloves, are viable buyers, not just looky-loos bored on a Sunday.
So, unless you have proof of cash funds to buy a home, you will need to complete the first and most important step in the homebuying process: Getting a mortgage preapproval!
Get your Preapproval
While I can’t actually help you with that part of the process, I can recommend loan officers/mortgage brokers for you to contact in order to get the ball rolling. (FYI – You are never obligated to use any of my recommendations! Know that I hold myself, and other professionals, to a high standard so if someone is on my “List of Recommendations,” they have lived up to my expectations and I hope that they will for you, too.) So, if you’re in need of some direction, give me a shout and I’ll help you out. haha
Get Organized
In the meantime, to help you get organized, here’s a list of some of the items your loan officer will be asking for:
- Past 2 years tax returns – personal and business, if you have a business
- W-2s/1099 forms
- 2 most recent pay stubs
- 2 most recent months bank statements for all accounts
- also know that your credit will be run by your loan officer
Plan Ahead
Here are some other helpful tips when you are planning to purchase a home in the near future:
- gather all of your financial documents so they are ready for your loan officer
- don’t do anything drastic to change your financial profile, like open or close accounts or make any new, large purchases
- keep saving your money!
Your loan officer will best be able to advise you further, this info is just a starting point. And remember, the home buying process is a team effort; we are all working together to accomplish the ultimate goal–you receiving the keys to your new home! So stay in contact with your loan officer throughout your mortgage process, I will be in constant contact with him or her as well. And, stay on top of everything requested of you–e-signing documents, turning in additional paperwork along the way, getting your homeowners insurance in place, etc–the more organized and attentive you are, the more smooth and efficient your mortgage process will be.
So, get that preapproval so we can get you those…
Written by: Mary Worstell, Make a Move with Mary
