Tuesday, July 29, 2014

Is it really THAT hard?!

YES! Purchasing your first home can be the most rewarding experience ever, but it can also be a very stressful one. No need to worry, I'm going to keep you together with my own personal experiences and a timeline that should keep you on track.

1 Year Out:

Know what you want. Personally, I am glued to HGTV and Pinterest, so I have a general idea of what I like. Start researching builders (or whats currently on the market) and establish your budget. Know whats out there and what your wallet and household can afford. This is also a good time to start saving. Create an account and actively start putting away that ernest money and/or closing cost moneys. The earlier you start, the happier you'll be in the long run. This is also the best time to pull your credit report. This is a majority of what lenders look at to decide if you are a responsible enough person to invest in. Don't panic, having discrepancies are okay, because we are all human, just be ready to explain those (in writing) to your lender.

August 16, 2013 - The day my foundation was poured
August 27, 2013 - The day the frames went up!

6 Months Out:

If you are thinking of new construction, its time to sit down with a builder. Pick a lender; get pre-approved. If you are purchasing a pre-owned home, you may want to consult a realtor. Let me be the first to say, pre-approval are great but they mean nothing. Once the lenders start digging, this process may feel overbearing. This is also the time to start getting your accounts in order. Every overdraft has to be explained in writing, so if you can help it, don't overdraft.If new construction is your thing, you've probably already paid ernest money and construction has started for you. Depending on house size, construction can be anywhere from 4-6 months.

The home I now love and enjoy!

2 Months from Closing Day:

Keep your accounts in the positive for at least 2 months. Normally, lenders only ask for your bank statement from the last 60 days. Try to keep frivolous spending to a minimum during this period. The lender will comb through your documents to ensure that you can, in fact, afford your new home. & if they deem that you aren't fiscally responsible, its okay. I was denied 2x before given the approval to close. It can be disheartening, but stay the course. Your blessing will come in time.

I hope this helps anyone about to take this journey. Strap on your boots, and good luck. Don't take no for answer, show them that the house you want is in fact yours and do what it takes to get it.