The Real Estate Browser Volume 10, Issue 7 | Page 14

14 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 10 Number 7 www.LynchburgRealEstateBrowser.com Start Your Home Buying Journey Here! By Sherry Brady, Branch Manager, Apex Home Loans, Inc. Buying a home is a huge invest- ment; in fact, it’s the single largest purchase that most of us will ever NMLS #217258 Cell [phone] make. Whether or not your home- [email protected] buying experience will be smooth and stress-free, is directly related to how much prepa- ration you do before you started looking at homes. It’s not difficult, especially if you do it in advance, but it does require you time and attention. Here are a few do’s and don’ts as you prepare to buy a home: • Make sure you are credit ready. If you have never had any loans or credit cards, you will have to show at least 12 months history of some “alternative” credit sources such as utility bills, cell phone bills, auto or renters insurance, or a pattern of regular sav- ings. • If you pay rent, be able to prove that you’ve been paying it on time. Preferably, pay you rent by auto-draft, check or money order and keep copies of the receipts or cancelled checks. If you must pay with cash, then withdraw exactly the amount needed to pay your rent consistently each month so we can see regular withdrawals and be sure to get a written receipt from the landlord. • Start organizing your paperwork. Be able to provide the following if needed: at least 30 days recent paystubs, the last two months bank statements (all pages), most recent 401K statement, last two or three years W-2’s or 1099’s, and last two or three years tax returns. • Get Pre-approved! Meet with one of our experienced lenders before you start looking at homes, so you know what your options are. • Don’t apply for any new credit or make any new major purchases. From the time you begin the process of home buying until the day after you close on your new home, please do not apply for any new credit cards, loans, or other purchases. Taking on any new, additional debt during this process could jeopardize your approval. If something pops up and you really must make a purchase, it’s best to run it by your loan officer first to be sure it won’t jeopardize your loan. • Don’t deposit any cash or unsourced funds into your bank accounts. There are some loan types (mostly the ones that require no money down) that may require you to explain the source of every single deposit into your bank accounts….no matter how large or small. If you must make a non-payroll deposit into your account, talk to your loan officer before doing it to determine what kind of documen- tation to get for it. • Don’t quit your job. Definitely do not lose any sources of income during the process. Changing jobs can usually be dealt with, but if it’s very close to your closing date, it could delay things. Talk to loan officer if you plan to change jobs to be sure it won’t impact your timeline for closing. If you’re ready to buy a home, and want expert guidance through the process, give us a call for a free consultation today. Our experienced lenders are ready to help. Start your APEX Journey today! By Sherry Brady, NMLS 217258, Branch Manager, www.LynchburgLender.com, 434-237-1027 Apex Home Loans, Inc. NMLS #2884, nmlscon- sumeraccess.org, Equal Housing Opportunity