Apr 08 2008
What is Your Home Buying Budget?
Before starting your home search, it’s a good idea to sit down with a Mortgage Officer and find out how much home you can really afford. When you meet with them, you will need:
- Home addresses for the past two years
- Your social security card
- Employment history for the last two years, including pay stubs
- If self employed, two years of tax returns
- List of all assets, including checking accounts, savings, investments
- List of other assets, including bonds, stocks, life insurance, retirement funds, jewelry, and automobiles
- List of all your debts, credit card balances, auto loans, child care, and a list of your monthly payments
- List of what real estate you own, including address, market value, outstanding balances, mortgage payments, taxes, insurance, and any rental income.
With all this information, your Mortgage Broker will determine how much home you can afford and generate a pre approval letter for your Real Estate Agent. With that in hand, when you do make an offer, it’s much stronger with a Pre Approval letter from your lender. It also reduces a lot of the stress involved in the financing of your new home. Now that you have a financial starting point, you are ready to call me and begin the search for your dream home.
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