October 8th, 2015 9:28 AM by Jackie A. Graves
How long will it take to buy a home and what is the process? There are a lot of variables to consider, including how fast you want to buy a home. Walking through the main steps involved in the process – from understanding what you can afford to closing – will help you prepare for a successful homebuying experience.
Understanding Who Will Be Involved
The homebuying process is exciting, yet it can be intimidating for first-time homebuyers and repeat homebuyers alike. The good news is that you have a team of professionals who will work closely with you every step of the way.
When you meet with your lender to apply for a loan or pre-approval letter, you’ll need to provide quite a bit of personal and financial information, from W-2s to your history of residence. This information will enable your lender to determine your eligibility for a mortgage loan.
Many families feel overwhelmed by the homebuying process because of the amount of paperwork they must complete and sign. But, with the right information and support from your team, you can be better equipped to understand what you are signing.
There are many costs that come with a home purchase, including your down payment and closing costs. Understanding what these costs are ahead of time will help you be a better prepared and informed homebuyer.
Courtesy of Freddie Mac – To view the original article click here