Getting Started on Your Home Purchase

Dated: 10/26/2012

Views: 755

Quick Tips for Getting Started on Your Home Purchase Buying a home can be a complex process, but it doesn't have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them.

To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets.
In order to expedite the paperwork process, start gathering the following items:
  • Most recent paystubs for one month.
  • W2s from the last two years.
  • Signed copies of your last two years' tax returns, including all schedules that were filed.
  • Homeowner's insurance company name and number.
  • Most recent bank statements for two months.
  • Most recent statements from any retirement and investment accounts for two months.
What costs are involved?
Within 3 days of your application, your Loan Officer must provide you with a good faith estimate of closing costs. Along with any down payment, you will have to pay closing costs at your closing as well. This is a brief rundown of some of the fees that could be associated with your new mortgage:
  • Application/Processing Fee – Charged by the loan officer to process your loan application.
  • Appraisal Fee – Charged by the appraiser to determine the current value of the property.
  • Closing Fee – Charged by the closing agency (escrow, attorney, title) to ensure the close of your transaction.
  • Credit Report Fee – Charged by the credit reporting agency to provide your credit report to your loan officer and/or lender.
  • Title Search/Title Insurance Fees – Charged by the title company to ensure the property is free from liens or title defects.
  • Origination Fee – Paid to the originator to obtain a lower interest rate. This is usually expressed in the form of points. One point equals 1% of the loan amount.
  • Discount Points – Paid to the lender to secure a lower interest rate.
  • Miscellaneous Fees – VA and FHA loans may have other fees associated with them. Private Mortgage Insurance (PMI), document preparation, notary, recording and tax service are other fees which may fall under this category.
Let us help you evaluate your personal situation and assist you in finding the loan program that works best to meet your individual goals and needs. Contact our preferred lender for a free consultation. 
Blog author image

Russell Banki REALTOR® ALHS CNE

Russell Banki ALHS, CNE REALTOR Hite Properties Cell: 713-480-0889 Best Priced Properties Team Montgomery & Harris County TX Real Estate Experts Clients First!Treating the relationship with f....

Want to Advertise on this Site?

Latest Blog Posts

2 Acre Lot Just Off Grand Parkway In Tomball 0 Hampton Wood Dr Tomball TX 77377

$139,900 RARE FIND! Fantastic LOCATION and opportunity to own and build your dream home on! Per restrictions an add apt or duplex. Min 1500 sqft. Privacy all around area. Wooded &

Read More

JUST LISTED In Cumberland Crossing Porter TX 19111 Shire Horse Blvd

Fantastic 2 STORY on CUL-DE-SAC lot in the desirable community of CUMBERLAND CROSSING ready for it's new owners! ENERGY EFFICIENT! Home features 4 bedrooms 2.5 baths, flexible bonus loft space

Read More

Happy Client Just Closed On His Cleveland TX Home

Congrats to our clients who just closed on their very first home in Cleveland, TX! So MANY new memories to be made! We don't mess around and get to work right away for our clients making

Read More

Pristine Home For Sale In Windsor Estates 1526 Clubhouse Dr Friendswood TX 77546

Pristine single story in gorgeous sought after community of Windsor Estates of Friendswood. One of the city's most beautiful developments! Home features many luxurious touches throughout, 3280 sqft

Read More