Keep Your Ducks in a Row

If you’re ready or thinking about taking the plunge into home ownership, it’s crucial that you’re 100% prepared. Keeping your ducks in a row will set you up for smooth sailing when you’re on the hunt. Here’s what you can do to prepare when purchasing your first home:

Pay bills on time:

This one is pretty much a given–mortgage or not. Paying your bills on time goes hand-in-hand with your credit score. Mortgage lenders want to see consistency before they approve you for a loan.

Save money:

A home is a very big investment. Maintenance, insurance, repairs, etc can get costly. When you have extra money in the bank, you’ll be less stressed financially. Try saving loose change around the house or
car. It adds up quick!

Gather Documents:

Consistency and accuracy of all information is important. It’s always great to be prepared with documents to support your income. When you meet with your mortgage consultant, bring these:

• Last 2 years of tax returns
  
• Most recent pay stubs
• Profit/Loss Statement (if self-employed)

Contact a mortgage consultant:

Platinum Home Mortgage has mortgage consultants licensed in 49 states, including the District of Columbia, and we would love to help! When you are ready, we will walk you through the process and ensure you have the best loan option for you.

Ask questions:

Ask yourself how many times in your lifetime will you go through the mortgage process. Not very many, right? The mortgage process can be misunderstood if you do not ask questions, so ask away! Always remember, there’s no such thing as a stupid question.

Discuss your credit score:

When you apply for a mortgage, the mortgage consultant will run your credit report and will discuss what loans you might qualify for based on your credit score.

Get Pre-Approved:

A pre-approval is the mortgage consultant’s best determination of what you can afford. This is a very important step in the mortgage process, why?

• Most real estate agents won’t even talk to you without a pre-approval
• The majority of sellers won’t accept an offer if it is not pre-approved
• A pre-approval can help you live within your means
• When multiple buyers place offers on the same home, you will have a higher chance of winning with a pre-approved offer

Find a real estate agent:

From accurate information to negotiations to finding what you want and need, a real estate agent is right by your side during the hunt for a home.

Nervousness and excitement are common during the mortgage process. When you are prepared, well-informed, and paired with the right mortgage consultant, you will be well on your way to purchasing your home. Print the to do list as a go-to resource to remind you of the helpful steps to take while searching for your first home.