The Journey to Your New Home
Welcome to the world of home ownership. There is nothing like waking up the first time in your new home, knowing it belongs to you! The journey to your new home starts with a good plan, and a good Realtor. I hope this message is a good plan for you, and that I can be your Realtor. Here we go!
The first step is finding the best lender for you. Are you a Veteran with VA benefits? How much money have you saved for your down payment? Do you have a relative who is willing to give you a gift of cash for your down payment? Do you have very little or no money saved, but have a steady income with 2 years of continuous employment? There are several ways to purchase a house with very little or no down payment, and there are lenders who specialize in different loan programs. If interested, I will provide you with a list of contacts for lenders you may consider.
Knowing your credit score is important. Your ability to obtain a mortgage and the rate you can negotiate depends on how high your score is. If you want to check your score before you meet with a lender, go to CreditKarma.com or other credit bureaus. If there are collections or mistakes on your credit report, get them cleared up. Working with a knowledgeable, experienced lender who will coach you through the best strategy to improve your credit score before you purchase a home will save you thousands of dollars in the future.
Pre-approved financing leads to the next step
The next step is asking for a letter of pre-approval from your lender, which your Realtor will ask for as you begin your home search. Knowing up front what your financing options are will affect the kind of home you can eventually purchase. Before you meet with your lender, gather the following items to make the process smoother and faster for your lender.
- Last 2 months of your bank statements
- Last 30 days of your pay stubs
- Most recent 2 years of your tax returns
- Your valid drivers license
- For Veterans – your DD Form 214, Certification of Release or Discharge from Active Duty, or NGB Form 22 Separation and Record of Service (I am a MRP, Military Relocation Professsional, a specialized certification the from National Association of Realtors)
The condition of the home may affect which loan programs are available for that home. I will advise you of potential problems I notice which could affect value or financing issues with each home you consider. Do you want a new home that is move-in ready, or are you willing to roll up your sleeves and take on a project? Fine tuning your best options are done in collaboration with your lender, Realtor and other home service contractors.
When you are ready to start looking, I will set up search criteria for you with your own website. You will also receive a Buyer’s Packet which includes a blank purchase agreement, consumer disclosure booklet, lead based paint booklet, home warranty information, and many other resources you want to be aware of. If interested, I will provide resources available to research such issues as flood plains, mine subsidence, radon, school reviews and any other items important to you.
If you cannot find an existing home that meets your needs, building a new home may be an option. Your personalized real estate website has information on available lots and land for your new home. My experience as a construction foreman and new home sales manager is helpful in guiding you through the building process.
Well begun is half done!
A good beginning practically assures success! It costs you nothing to hire me as your buyer’s agent, and I will put my 32 years of experience to work for you. Navigating contingencies, responding to inspection reports and negotiating terms and conditions are just a few of the many responsibilities I perform for you as your buyer’s agent. When you are ready to move forward, call me at 812-459-4374.
Geri Terry, Realtor-Broker ABR, e-PRO, GRI, MRP, SRS