Take Charge When Buying a Home

Prepare and Be Consistent when Purchasing a Home:

It’s critical that you take charge when purchasing a home .  Taking charge means that you have total control over your actions in making your transactions close on time and with few concerns. Preparing ahead of time really makes a difference. There are those who are ready to move forward right away and others who need to plan for a while.  No matter what your situation, you should take pride in knowing you’re making a good decision while being full prepared.  You should consider doing the following to prepare for a home purchase:

1.  Gather 12 to 24 months of bank statements (all pages) if you are a self employed person.  If you are someone who works for another person or company, you should be required to deliver to an underwriter only 2-3 months bank statements.

2.  Get a free credit report and preview your credit standing.  Make sure you get all 3 credit bureau reports. Preview them and if they have issues, work with a loan officer and/or credit restoration company that is vetted to help you improve your credit score. Of course, you can work on cleaning your credit yourself, although it  is often smart to speak with someone who can give you advice on the most up to date information  regarding credit restoration.

3.  If you have investments, you may be required to show those assets in order to become approved for a loan.  So, gather the assets you own and give them to the lender when asked.

4.  Do not purchase any big ticket items while in the loan approval process and all the way thru the loan closing phase of a home purchase because it could effect your qualifying ratios. Simply, just hold off on purchasing any big ticket items till you close your loan.

It is consistently true that if you prepare for a home purchase and ask the right questions you will have a more pleasant time thru the process and have comfort in knowing the transaction went smoothly.

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