Things to Do Before Buying a Home

If you are planning on buying a home, you know it’s no easy task. Between applying for a home loan and actually choosing your new home, it can be a stressful and long process. With Chris Doering Mortgage, we want to make home buying easy; which is why we have created a homebuyer checklist.

Below is a list of questions to ask yourself before buying a home. Look through this homebuyer checklist before you begin planning so that you can find out what you need to do and what we can do for you. For more information about the list below, call Chris Doering Mortgage!

Ask Yourself About…

Income

  • Do you have a reliable, continuing source of income to make monthly payments?
  • Income can come from primary, secondary, and part-time jobs, as well as overtime, bonuses, and commissions.
  • ***To use part-time, overtime, bonuses, and commissions income, you must have been receiving that for at least the previous two years***
  • You may use other sources of income if you want them considered for payment – including retirement or veteran’s benefits, disability payments, alimony, child support, and rental or investment income – provided they can be verified as stable, reliable, and likely to continue for at least three years.

Current Debts and Credit History

  • Do you pay your bills, loans, credit cards, and other debts on time?
  • We examine your payment habits before deciding to loan you money.
  • Your credit history and credit score are also examined prior to deciding to loan you money.
  • It is a good idea to check your credit history and correct any problems before applying if possible.

Assets and Available Funds

  • Do you have enough funds for a down payment and closing costs?
  • You may use funds from a savings account, certificate of deposit (CD), investments, or retirement fund.
  • In some cases, you may be able to use a gift from a relative, friend, employer, or not-for-profit organization.
  • In many cases, you will also have to demonstrate that you have additional funds in your accounts to cover several months of mortgage, tax, and insurance payments.

The Property

  • What is the market value of the property you want to purchase?
  • We will order a property appraisal to make sure your property’s value meets our underwriting requirements.

Next Steps to Buying a Home

After you answer the questions above, it may be time to proceed with the home buying process. This means it may be time to apply for a home loan to see how much you are approved for!

To apply for a home loan with Chris Doering Mortgage, click here!

Need Additional Home-Buying Resources?

Buying a home is no easy task. At Chris Doering Mortgage, we understand that buying a home can be stressful and expensive! If you are in the process of buying a home and need guidance, contact the home buying professional at our office. We can answer any question you may have about purchasing and financing your new home.

MENU