The Do’s And Don’ts Of Buying A Home

The Do’s and Don’ts of Buying A Home.    If you think you’re ready to buy a home it’s important to prepare yourself and spend some upfront time doing a little homework to see just how prepared you really are to become a homeowner.

The Definitely Do’s

Get pre-qualified before you go:
By pre-qualifying with a knowledgeable mortgage consultant you’ll know exactly what price range you can afford. Many times buyers get excited about a home they have found; and want to make an offer. However, if you don’t have a pre-qualification certificate the seller may not seriously consider your offer. There may be other offers on the table at the same time. The seller then would most likely accept the one from the buyer who is pre-qualified.

Get your documentation in order:
By providing all the necessary documents promptly, your process will go quicker and smoother, and that’s what you want. Here are some items you will need. If you are employed by a company, you will need to provide your last 2 years W2’s, your last month’s pay stubs, and the last 3 months statements for checking accounts, savings accounts, money markets, stocks, bonds, and retirement accounts. If you are self-employed, you will also need your last 2 years personal and business tax returns, and your year to date profit and loss statement.

You Definitely Don’t Want to

Have a negative history of bill payments:
There is no single element that can so dramatically impact the success of an application as your credit history. Mortgage representatives are going to scrutinize your bill paying history. Another thing, of course, is your personal savings. People should have a good disciplined savings pattern and that’s going to translate into how you’ll handle homeownership.

Don’t finance any expensive purchases that will add to your monthly debt:
When applying for a mortgage, your income and expenses need to be at a certain ratio. By adding more debt to your existing monthly outlay, your ratios could increase to a point of being detrimental.

Don’t get in over your head:
When buying a home, it’s easy to let your imagination run wild with possibilities. Don’t try shooting for that six-bedroom house on the beach if it’s going to be too much of a stretch on your current budget. You can number crunch and daydream all you want but at the end of the day, can you afford that monthly mortgage payment along with all the other homeowner responsibilities? It’s a good idea to know what your goals are and what you can afford, before you set out to buy.

If you’ve missed the mark on any of these Do’s and Don’ts of buying a home, do not let that dissuade you and wipe away your dreams; meet with a professional and outline a plan of action to see where you stand and what you need to accomplish to become a homeowner.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

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