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How Much Is This Going to Cost?
Buying a house is expensive! Why? Not because it’s a scam. It’s because it is a complicated process that involves a lot of people: loan officer, loan processor, escrow officer, escrow assistants, title officer, appraiser, appraisal management, loan set-up, junior underwriter, senior underwriter, funder, post closing and on and on.
Don’t worry. We have strategies to help: 1.) build closing costs into your sale or 2.) bump your rate up and receive a lender credit to pay your costs.
Understanding closing costs is important. We will dedicate enough time to this part of the process to educate you about each fee and explain what your options are.
Finally, down payments are low: 3% or 3.5% down payments are very common. We can show you how to buy a $400,000.00 house with $12,000.00 out of pocket.
How to Prepare
Call us and we will start by discussing your goals.
Getting a loan is a paperwork workout. There is no escaping this. There are varying amounts of paperwork we will need. Self-employment and rental property increase the paperwork we need. Regular W-2 wages and easier. Click here for a document list.
We have an easy to use app called Perfect LO. If you click this link, you will access our user friendly questionnaire. This will get us started with the information we need. Accuracy and thoroughness is vital.
Once we know about you and have your documents we will analyze and discuss everything with you for no obligation. We will even front your credit report cost.
Traps to Avoid
Buy a car, live in your car. That is a Bamboo rule. What this means is that a big car payment can substantially lower your borrowing power on a home loan. The reverse is not true. If you buy a house, you can then get a car loan. Hold off on a car purchase until after you have your home! Or, consult us before making your decision so we can advise you.
It is not time to dump the piggy bank into your bank account when you start thinking about buying a home. What this means is cash deposits are a problem. So, don’t do it. In fact, don’t put any money into your bank accounts two months before your home purchase other than paychecks.