The First Step In The Home Buying Process: Getting Pre-Qualified

Have you ever wondered what the first step in the home buying process is?

Before you even start looking at homes, the first thing you need to do is get pre-qualified. The process is simple! Just give us a call, talk to us about what you want to do, and then we will take your personal information, income, and assets to figure out what kind of loan you will qualify for.

A pre-qualification is different from a pre-approval. The pre-qualification is more of a preliminary step. A pre-approval is when the we go through and verify the information you provided during the pre-qualification.

The documents you need to provide to the lender include 30 days worth of paystubs, your W-2s from the last two years, two years of tax returns if you have investment income or are self-employed, bank statements from the last two months, and a photo ID.

 

The whole process lasts about 30 days from getting approved to taking the loan to closing. You may even qualify for more than what you can afford. We allow you to borrow as much as our guidelines will allow, but that might be more than you can afford. Budget out your monthly mortgage payments in order to know what you can actually afford to spend on a home.

As always, questions, please don't hesitate to reach out. We look forward to hearing from you!

How Home Inspections Benefit Buyers And Sellers

Today, we'll discuss the home inspection process. The home inspection is a crucial part of the process for both the buyer and the seller, although it is designed primarily to protect the buyer.

When you're looking at a house, you want to be able to focus on whether or not it's the right house for you. You don't want to worry about the nuts and bolts of the home. Once you have your house under contract, there will be a contingency that allows you to have an inspector examine the nuts and bolts for you.

Inspectors keep an eye out for safety concerns and things that will affect the home value. The inspector will climb up into the attic and check insulation, and look out for wiring issues as well, among other things.

It's important to choose the right inspector. You want someone thorough, but also someone who won't cause unnecessary alarm. If there is a major issue with the home, and the seller won't fix it, you do have the option to back out of the house.

From a seller's standpoint, it's important to understand that you should designate some money for inspection repairs. No house passes an inspection 100%. An inspector will find something, and it's smart to have a budget set aside. Some sellers even have an inspection ahead of time so that they can make the repairs before an offer has even been made.

The most important thing is to choose the right inspector. Listen to your real estate agent, because they will have an inspector they know and trust to work with you. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

What Are the Benefits Of Working With A Local Lender?

We have been in business for over 20 years here in Atlanta and are local. If you want to close your loan on time, it's best to work with a local lender, like us! We have local staff and will ensure your deal gets closed on time.

Availability is the most important aspect of any company’s customer service experience. If you have questions or needs about your loan, you can call, text, or email your agent, even if it's after hours. They are available when clients are out looking at houses and whenever else they are needed. Additionally, they explain the whole process, so that everyone understands exactly what they're getting into. Well, why should you expect any different from your lender? The answer is, you shouldn’t. You should receive the exact same respect and we pride ourselves on that!

One of the biggest changes in the lending world in over 20 years occurred on October 3. Things that have been around for 50 years are no more. You'll no longer hear about the Good Faith Estimate, which is replaced by the Loan Estimate, and there is no more HUD-1, as it has been replaced by the Closing Disclosure. In addition, new hard stops and timeframes have been instituted and have to be met before a loan can be closed. These changes are to ensure the consumer knows what their loan is before it closes and to make sure there are no surprises.

To make sure the process moves smoothly, it's crucial to understand that the days of closing a loan in 10 days are over. If you plan on buying a home, whether you're a first-time buyer or a luxury buyer, it's never too early to talk to a lender. You can reach us at 770-824-9777 if you have any lending questions. Or send us an email at skatz@vandykmortgage.com.