Buy Your Dream Home – 7 Steps To Get Prepared
If you’re thinking to buy your dream home, it is quite important for you to gather all the key documents which are needed throughout the home buying process.
It sounds obvious, but this will save yourself a lot of time, money and energy if you get ready before meeting with your mortgage brokers.
When I was a little girl one of my top desires was to have my own house for freedom and stability.
I am proud to say that I put my resources together over the years and achieved buying my first house when I was 24.
So I get a lot of satisfaction from sharing these property tips to help you to buy your dream home.
Moreover, with all the papers ready the chances of you being approved for a mortgage will be higher.
Having all of the paperwork done will also assist in proving your creditworthiness as well as your ability to repay the loan.
If you’re thinking to buy your dream home with cash, then, of course, you can relax and do it even easier!
Although, even top millionaire owners leverage the power of a bank loan and use other people’s money the right way.
The following are the important things you will need to prepare before buying your new home:
1) Tax Related
If you work as self employed or run your own business these are statements for taxes and wages.
Otherwisse your employer will prepare these forms.
And you will have to get copies which were submitted during the previous two years.
You will also have to prepare and submit copies of tax returns which were ready the previous two years.
2) Bank Statements
You will have to prepare copies of your bank statements for entry.
They ought to reflect your transactions for the last two months.
Other loan companies or lenders may require you to submit the statements which reflect your transactions for up to the last three to 12 months.
3) Proof of Income
This is a statement that demonstrates that you are getting income from your employer.
It’s usually accompanied by the latest banks slips which you got from your employer.
4) Earnest Money Check
In the US, you will have to submit a copy of the earnest money check to the lender.
It will be used for accounting purposes when the home is being closed on the last day.
5) Asset Statements
You will have to produce copies of statements for bonds, stocks, retirement funds or mutual funds that you have.
It’s necessary to have hard copies of those statements since some lenders want them that way as compared to online statements in soft copy.
6) Identity Copies
Buying your dream house is probably one of the biggest purxhases you have made in your life.
Therefore, be prepared to give as many identity documents as necessary.
This includes proof of your address, past addresses and your ID.
Your driver’s permit will be very helpful in identification.
And so you will have to carry it if you’re meeting the lender in person.
Make sure the license and your passport has your photograph and then make a scanned or printed copy of it.
7) Credit Repair
When you are buying a house for the first time they closely check your credit with credit refernce agencies.
So be sure to make sure your credit history is up to date and all addesses align.
Having an imperfect credit score should not stop you from getting onto the property ladder.
Nevertheless, it is a great decision to do as much as you can beforehand to improve your credit score.
There are some simple things that you can do yourself, or you can get help with credit repair from the Credit Assistance Network
All the papers stated above have to be given to your mortgage broker before you submit the payment for closing.
If the lender will be paying your property taxes as well as the homeowner’s insurance, you will need to create an escrow account.
Once your credibility and your ability to own the new home has been validated, you will have to sign the necessary documents as well as mortgage arrangements.
One very important document you will have to sign at this stage is the deed of the house.
It’s quite important in proving that you are the legal owner of the house you have purchased after the sale was consummated.
You will also have to acquire the title of the house which you bought to show that you’re the rightful person with any legal claim to it.
After acquiring both of these documents, the house is going to be transferred into your name, and you will have the freedom to do whatever you want with it.
Finally, property investing is a big commitment.
However, start the journey to buy your dream home now by reading magazines and online sites for idea photos, locations and the requirements of properties that you love.
Faithful in your success!
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