According to the Latest Census Data, More Than Half of the Country S 105 Million Households s2

The ABCs of Buying Your documents—pay stubs, past years’ W-2s, bank statements, list of assets and debts, etc. First Home —as you’ll need these for the loan approval Buying your first home is one of the most and don’t want to find yourself in a pinch if exciting, and often overwhelming, you’re missing necessary paperwork. experiences of your life. If properly educated about the process and prepared for each step Get Loan Pre-Approval you will need to take, this can be not only This is important for several reasons. First, manageable but also enjoyable. No matter desirable homes in hot areas will sell quickly, your age or stage in life, becoming a and many realtors won’t take clients to view homeowner is a huge milestone. Below are homes without a loan pre-approval. When you tips to help guide anyone looking for their find a house you love, this pre-approval first home. allows you to act quickly and makes you more desirable than someone without pre-approval. Know How Much You Can Afford Also, this number will set your maximum Don’t set yourself up for disappointment by budget but remember, this may be more than looking at homes above your budget. Unless you’re comfortable spending. you plan to pay for your house in cash, which isn’t the norm, look at how much you have for Find the Right Real Estate Agent a down payment as well as what you can There are often real estate agents who spend on your monthly mortgage. Consider specialize in certain areas or know about the costs for monthly non-house related houses before they officially hit the market. expenses so you can live a similar lifestyle Ask friends or your lender for after the home purchase. While a lender will recommendations, and go with the person tell you the maximum financing you’re who feels right. A lot of factors involved with approved for, this can often be an amount home purchases, especially your first one, are that would make you uncomfortable on a based on emotion. monthly basis. It’s good to also know your credit score as this heavily impacts your loan. Understand the Offer Process You’ve found the perfect first house, now Do Your Research and Be Realistic what? Your realtor will help you put together You will have to make compromises, and the strongest offer and hopefully, it will be that’s alright. Make a list of the must-haves accepted. If you know there will be numerous for your house—include things like offers, you will rely on your agent’s expertise neighborhood, schools, commute and nearby to help set your offer above the rest. Your entertainment—so you know what the true realtor is going to teach you about deal breakers are. Now begin looking at neighborhood comps, the option period, the available houses in the desired areas to home inspection and much more. understand the costs. It’s helpful to discuss if you’re willing to do work, as these houses will Get a Home Inspection cost less, or if you want a home you can A home that looks perfect might not be in move into tomorrow. such great condition behind the walls and under the floors, so a home inspection is a Shop Around for Mortgage Options must for your protection. It will make you Banks and lenders may all offer different aware of what might be hiding before you mortgage offerings and interest rates. Do finalize the sale. If the home inspector finds a your homework to understand your options major problem and you still want the house, by talking with various financial institutions. this enables you to negotiate the cost of the Your local community bank is an ideal repair with the seller. Overall, you’ll be much resource for this type of education and more confident in your purchase after the guidance. Alternately, if you have a lender inspection. you know you want to use, have this person walk you through your options. This is also an Know What You’re Signing ideal time to organize your financing You’re almost there but it seems like you’re specific legal, accounting or other professional signing your life away at the closing. Your services. If specific expert assistance is required, realtor, lender and title agency representative the services of a competent, professional person will be happy to walk you through the details should be sought. of each form you sign so don’t be afraid to ask. Congratulations—you’re now a Provided as a public service by the member banks homeowner! of the Community Bankers Association of Oklahoma. This information is provided with the understanding that the association is not engaged in rendering