The SCOOP! Blog by ChangeMyRate.com®

Planning to Buy

October 8th, 2015 9:28 AM by Jackie A. Graves, President

Understanding the Timeline

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.

 

Gathering Your Documents

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.

 

Understanding the Documents Involved

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.

 

Determining Costs

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

Posted by Jackie A. Graves, President on October 8th, 2015 9:28 AM

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