Steps on Your Home-Buying Journey

Fulfilling your goal of homeownership is an amazing accomplishment.

However, everyone has a different experience along the way.

Mindful Money shares helpful tips and valuable steps on your homie-buying journey.

About Buying a Home

Buying a home is a financial game-changer.

You build equity as payments are made to decrease your loan balance and as the property value increases. 

The pride of homeownership enables you to add your unique upgrades and property improvements without permission (some exterior changes may require HOA approval).

Buying a home may also extend certain tax benefits that renting did not offer to you (get specific details from your tax advisor). 

Mindful Money offers mortgage loans for home buyers in Arizona, California and Colorado.

Securing a mortgage loan approval is among your most important steps to obtain financing to buy a home.

In most cases, the mortgage process from your loan application date through your closing date can range from 30 to 60 days.  

Check Your Credit

Before searching for a home to buy, you can review a copy of your credit report.

Check your credit report to ensure that the information is accurate.

Your mortgage loan approval and your mortgage interest rate will be largely determined according to your credit history and your credit score.

Therefore, it’s important to clear up erroneous details that could hinder your opportunity to get approved for a favorable mortgage rate.

Save Your Money

Money for a down payment and closing costs are among the top reasons that prolong the purchase of a house.

Saving money on each payday and from your weekend splurges for a few weeks can add up to a tidy sum.

Using several Mindful Money steps on your home buying journey could prepare you to purchase a house sooner.

Gather Your Documents

When you apply for a mortgage loan online, a lender will seek documentation to support the information that you submitted.

Gather your financial documents for the past two months, such as your pay stubs and bank statements.

Also, include your tax returns and W-2’s for the last two years.

Write a letter to describe any financial hardship that you experienced during the past two years.

Speak With a Mortgage Broker

You may receive advice about buying a home from friends, family members and local bankers.

The insight may be credible in some instances, particularly from prior home buyers.

Although, a licensed mortgage broker who works with many banks and lenders to find competitive interest rates is invaluable.

Samantha Cooley is an experienced mortgage broker who helps homeowners and homebuyers in Arizona, California and Colorado.

Speak with Samantha to discuss the most appropriate steps to follow on your journey toward homeownership.

Apply now to find out if you’re qualified to buy a home.