So you have decided to buy a home in Teton Valley. This can be both exciting and nerve-racking for a first time home buyer. Where do you start? Here are a few tips to get you better prepared for taking the leap into home ownership.
Organize your documents. Typically, mortgage lenders will request two recent paystubs, the previous two years’ W-2s, tax returns and the last two months of bank statements — every page, even the blank ones. Knowing what you need and where to find it can save time when you’re ready.
Talk to a lender. Ideally, you will want to know how much you can afford before you start looking at houses. Mortgage lenders will have policies to help determine what you can afford, but be realistic, you know your finances better than anyone. By calculating their debt-to-income ratio and factoring in a down payment, buyers should have a good idea of what they can afford to invest, both upfront and on a monthly basis, when it comes to their home.
Find out what you will be required to pay as a down payment. Most loans will require anywhere from 3.5-20% down, however, there are some that do not require any money down.
Don’t forget the closing costs. There are several fees associated with buying a house. Talk to your mortgage lender and your realtor to determine how much money you will need for fees before and at closing.
Now that you are pre-approved and know what you can afford, it’s time to find a home in Teton Valley. Using the right realtor can save you time and money. Harley Wilcox Associates work as a team to help you find the right home, negotiate the purchase, and walk you through the whole process to closing.
The team at Harley Wilcox Associates have the knowledge and experience to help you through the home buying process with the least amount of hiccups. Call Harley Wilcox Associates to discuss how to buy a home in Teton Valley today.