The option of buying a home is often exciting, especially for first-time homebuyers who have been dreaming of finding the perfect place to call their own. However, buying a house isn’t as simple as meeting with a seller and forking over a handful of cash. First, you’ll need to go through the process of financing a loan for the purchase. Getting a mortgage is one of the biggest and most critical steps you’ll take when purchasing a home and can sometimes be difficult for first-time borrowers. In order to set yourself up for success when looking to finance a loan, you’ll need to gather together several documents to show your potential lender.
Select a Lender
Before pursuing your home loan, you’ll need to find a lender. At Interra Homes, we strongly encourage future homeowners to choose from among our preferred loan officer to make the building process as smooth as possible. Our preferred loan officers are highly familiar with the building process at Interra Homes and can help you meet crucial deadlines throughout your home building experience without a problem. While these lenders are our preferred options, you are welcome to work with any lender that you feel best fits your needs for your upcoming investment.
The Application Process
Aside from loan officers reviewing your financial history, lenders will want a solid idea of your current financial situation before granting you a loan to buy a home. In order to prove that you have the financial stability to handle a mortgage payment, you’ll want to gather a number of documents well in advance of your meeting with a potential lender. These include:
• Documentation of income (pay stubs)
• Proof of your employment
• Two years of IRS filings (for self-employed individuals)
• Bank account details
• 401(K) funds
• Information on any other assets
• A rough estimate of your monthly expenses
Each of these documents provides crucial details that will play a large part in financing your new home, such as the maximum loan amount you’re able to receive. You should have these documents compiled and ready for review well before you begin seriously sorting through your available financing options.
In addition to the documentation required for regular home loans, you’ll also need to do a great deal of planning before approaching a lender about financing the venture. You should provide:
• A realistic budget
• Floor plans
Closing
Throughout the financial process, Interra Homes works closely with your chosen lender to coordinate the details of your closing perfectly. When you’re “clear to close,” simply bring a cashier’s check with the amount given to you by your sales agent, made payable for closing costs and down payment. During this process, the title of the house will be transferred to you, and you’ll find yourself in possession of your brand-new dream home.
Finding financing for the perfect home can feel like a challenge, but it’s well worth finding a place to call your own. If you’re ready to begin your life as a homeowner, contact Interra Homes online or by calling (616) 514-0262 today. Our professionals are here to help you with constructing a beautiful new home that’s designed from the ground up to fit your family’s every need or to answer questions about the process.