First-time Homebuyer
Buying your first home is an exciting milestone, and we’re here to make it as smooth and stress-free as possible! At Brett/Robinson, we know the home-buying process can feel overwhelming, but our expert Realtors® are here to simplify every step. From start to finish, we’ll guide you with clear, honest advice, so you can make confident, informed decisions. Our goal? To help you find the perfect home while giving you complete peace of mind throughout the journey. Let’s make your dream home a reality!
Decide to buy
Just by reading this, you are taking the first step in the transaction process. Learning if you are financially and mentally ready to buy your first home is always a good first step.
Hire a Realtor
Every Realtor® isn’t the same and not all have access to the latest in real estate technology that helps them guide you. A Brett/Robinson Realtor® does and is backed with the knowledge you need to buy your home.
Get Pre-Approved
Pre-approval for a mortgage loan doesn’t mean you are guaranteed the mortgage loan specified, but it does show sellers how much you can likely afford and that you are a legitimate buyer.
Start You Search
Your Realtor® has access to the latest homes on the market, along with insights and connections that can help you find some that may not be for sale just yet or coming back on the market when an offer falls through.
Find Your Home
There are great homes out there that you will love. A great Realtor® will help you narrow your search and position you to make the best offer possible for the one you want.
Make an Offer
Your Realtor® will work with you to come up with an informed, well-priced offer that helps you stand out to the seller. Don’t worry if your first offer isn’t accepted. You will have one accepted on the home you are meant to buy!
Do Your Due Diligence
Due diligence includes inspections, title searches, appraisals and more. Your Realtor® will keep you informed throughout to make sure your decision to buy is the right one. Read our “Due Diligence” section below for more info.
Secure Financing
There are many mortgage loan options available, depending on your specific situation. Your Realtor® and mortgage partner will help determine the best one for you. Check out below for some basic loan types!
Close the Deal
Keep your finances steady throughout the transaction process so that your mortgage approval comes through. Understand your escrow and closing costs, and make sure to SAFELY send them to your title company.
Protect Your Investment
Whether homeowners, flood, or other insurances and upkeep, make sure you take care of your home. When you do this, it will take care of you and provide value and security for years to come!
What You Need to Secure Financing
Different lenders need different documents, depending on their lending criteria. Below is a list of what you will likely need available during the application process.
º Pay stubs for each applicant reflecting a minimum of 30 days of income.
º Names/addresses of employers during the previous two years.
º W-2s for the previous two years.
º One or two (or more) years of tax returns.
º IRS Form 4506-T or 4506T-EZ
º Two or three (or more) months of bank statements
If you have other forms of income or are self-employed, you will need to provide proof of income. Your lender will also request information on outstanding debts like auto or student loans and credit cards. As they review your application, your lender will likely request other documents.
Pre-qualification vs. Pre-Approval
What's the Difference?
Many lenders use these terms interchangeably, but what you provide for a pre-qualification and pre-approval may differ. Either way, it is important that you and your Realtor® position you to show sellers that you will be able to secure financing once you enter into a contract to buy their home.
Pre-qualification usually requires that you supply your income, assets, debts and credit score to a lender, but doesn’t require full documentation of your financial history. This means that they won’t check the full accuracy of what you report. Pre-approval requires this documentation to verify that what you report is correct. It will also often require a credit check and corresponding hard inquiry on your credit report.
Because of this, pre-approvals may be seen as a more definitive ability to get approved for a mortgage. If you report your financial history accurately, a pre-qualification will report the same or similar amount when it comes to the loan a lender will approve.
Either way, once you receive your pre-qualification or pre-approval it’s important to make sure you don’t do anything that will negatively affect you when it comes time to officially apply for financing.