Financing Your Home

Getting your finances in order

Before you can make an offer on a home, you’ll need your finances in order. We work with several lenders who will consult with you to determine:

  • How much you can afford
  • How much to put down on your first home
  • The best mortgage to suit your financial situation/goals

Know your Credit Score

Pre-Qualification

The first step toward a home purchase is getting pre-qualified for a loan. Your Loan Officer will review your financial information and determine how much you are qualified to borrow. Pre-qualification, and a letter of pre-approval is an essential part of the written offer you’ll make, so it’s best to be prepared.

Loan Preparation Checklist

Copy of photo ID
Social Security number
Copies of checking and savings account statements for the past 3 months
Most recent pay stubs detailing your year-to-date earnings
Federal tax returns with W-2’s, K-1’s, 1099 for the past 2 years
Evidence of any other assets such as stocks and bonds
Contact name and address of someone who can verify your employment

Additional documentation might be required. Your Loan Officer will let you know exactly what is needed. We work with loan officers we trust and can recommend one to you.

Closing Costs
On average, closing costs can range from 2% to 5% of your home’s purchase price. Closing costs cover:

Loan origination fee
Appraisal
Prepaid property taxes and mortgage insurance
Title insurance
Recording fees
Underwriting fees

You can put money aside for your closing costs, but you won’t have a clear idea of what those costs will be until you receive a Good Faith Estimate (GFE) from your lender after you apply for your mortgage.

Consider other expenses

When you buy a new home, there will be additional “soft costs” such as moving expenses, painting or flooring, new furniture and decorating.

We were so impressed with her warmth and professionalism that when we did get serious about buying, she was the first realtor we contacted. Stacey was patient and thoughtful, giving us the benefit of her knowledge and experience every step along the way.

— Airen Hall February 14, 2017