Looking To Buy Your First Home

Steps 2 Take.

Purchasing your first home is fairly simple. We will outline some of the steps as well as provide videos that offer more details on the traditional process. Depending on your lender you may need more or less of the info provided below.

1.What You Should Know

 

A. You should know what your credit score is and the lowest score lenders will use to finance you.

B. You should have an idea of the maximum amount you want to pay for a mortgage that includes principal, interest, taxes, and insurance. (PITI)

C. You should have 20% down for a traditional loan or know the home buying assistance and grant programs in your area that require less down.

D. You should know your debt to income ratio (DTI) as this and credit will affect your interest rate.

E. You should get pre-qualified before you start looking to purchase your new home.

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2. What Your Lender Needs

2. What Your Lender Needs

A. Proof Of Employment – At least 2 years on a job or in the same industry.

B. Last 30 days of paystubs and 3 months bank statements from all accounts.

B1. Self Employed – 12 to 24 months bank statements

C. Last two years tax returns. (some also require last two years W2’s)

D. Rental Verification for the last two years. (They will contact rental agency)

E. Drivers License or proof of identification.

F. Any proof of other income received that will be used in qualification.

3. Fees & Costs Needed After Offer Approved And Before Closing.

A. Down Payment

B. Inspection Fee

C. Appraisal Fee

D. Attorney Fee

E. Pre-Paids: property taxes, homeowners insurance, and interest

Depending on the type of deal you are structuring there may be more or less involved. If you are interested in learning more about real estate to get the best savings for your new home purchase

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10 Pre-Closing Commandments Of Buying A Home

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!! 

3. Thou shalt not use credit cards excessively or let current accounts fall behind. 

4. Thou shalt not spend money you have set aside for closing.

 

5. Thou shalt not omit debts or liabilities from your loan application. 

6. Thou shalt not buy furniture. 

7. Thou shalt not originate ANY inquiries into your credit. 

8. Thou shalt not make large deposits without checking with your loan officer 

9. Thou shalt not change bank accounts. 

10. Thou Shalt not co-sign a loan for ANYONE! (Pastor, Parents, Kids, Family, Friends, Associates, Love Interests…ANYONE)!!

 

 

What Paperwork Do I Need to Buy a House | What do I need to give my Loan Officer
06:16

What Paperwork Do I Need to Buy a House | What do I need to give my Loan Officer

This video covers what paperwork do i need to buy a house and what do i need to give my loan officer. This video lists out all of the documents you need as a first time home buyer and helps you answer what documents do i need for a house and what documents do i need to buy a house. You will know exactly what home buyer paperwork you should prepare so that your home buying experience is much smoother. By preparing these documents ahead of time you will know exactly what do I need for a home loan. 0:00 Intro 0:45 Why you should prepare the documents early 1:29 Why you need to provide these documents 2:18 What documents do I need for a house 3:34 Best way to gather the documents 4:06 Where to store the documents 4:29 How to organize the documents 5:03 How to share the documents securely for your loan officer First Time Home Buyer Process Overview: https://www.youtube.com/watch?v=e71N0... My Favorite Books to Recommend for Learning about Personal Finance & Productivity: If You Want that Ah-ha Moment - Rich Dad Poor Dad: https://amzn.to/3e0WT57 If You Want To Wipe out Debt - The Total Money Makeover: https://amzn.to/3gwYhhx If You to Invest But Keep It Simple - The Simple Path to Wealth: https://amzn.to/3eUCTSR If You Want A Roadmap to Real Estate Investing - Set for Life: https://amzn.to/3in6x5e If You Want to Start Side Hustles - The 4-Hour Workweek: https://amzn.to/2D6PCUB If You Want to Build A Career You Love - So Good They Can't Ignore You: Why Skills Trump Passion in the Quest for Work You Love: https://amzn.to/2VFrvCI If You Want to Declutter Your Mind: Digital Minimalism: Choosing a Focused Life in a Noisy World: https://amzn.to/2NOWkAr My Gear: Camera: https://amzn.to/36X6ckh Lens: https://amzn.to/2XoRobc Mic: https://amzn.to/2MpZREM Ring Light: https://amzn.to/3gMTKs6 Memory Card: https://amzn.to/2Ay9ZIO Portable Battery: https://amzn.to/301qV5h Monitor: https://amzn.to/3eKosAd Monitor+Laptop Mount: https://amzn.to/3cugjyc End Song Courtesy by Super Lofi World: (https://www.youtube.com/superlofiworld) Transition Song: Lakey Inspired - Chill Day: https://soundcloud.com/lakeyinspired Disclaimer: The above references an opinion and is for entertainment purposes only. I'm not a financial advisor and this is not intended to be investment advice. Consult with a licensed professional for investment advice. Links in the description are typically affiliate links that let you help support the channel
How Much Home Can I Afford | How to Calculate Your DTI Ratio | Calculate Your Debt to Income Ratio
07:04

How Much Home Can I Afford | How to Calculate Your DTI Ratio | Calculate Your Debt to Income Ratio

How Much House Can I Afford | How to Calculate Your DTI Ratio | How to Calculate Your Debt to Income Ratio ✅Calculate Your DTI Ratio Here -https://www.bankrate.com/calculators/mortgages/ratio-debt-calculator.aspx ✅Calculate your mortgage payment here: https://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx 🟢Ready to Buy a House & You Don't Know Where to Start? Start Here! My Free Download: https://bit.ly/3k8xFF0 ✳️Buy My First Time Buyer Guide - Everything You Need to Be a Confident First Time Buyer! - https://bit.ly/3uI0JvL ✳️ 🔴Real Estate Agents - Ready to get LEADS from YouTube? Get MY Top 3 Tips for YouTube Agent Success: https://mailchi.mp/b431bee215bf/my-top-3-tips-for-youtube-success Ready to Buy Your First House? Watch these videos & Visit my playlists! ⭐8 Steps to Buy a House - https://youtu.be/2HHQg7PnK8k ⭐ Where Should You Start? - https://youtu.be/0IOl5pAC_Gk ⭐ What is Included in your Mortgage Payment: https://youtu.be/P_JC8b6wKMU ⭐New Construction - https://youtu.be/QoCctKxuJxA ⭐FHA or Conventional - https://youtu.be/gXfEGPd3k4Y ⭐Student Loans - https://youtu.be/yunqWv1xIUU ⭐How to get a good credit score -https://youtu.be/qwm570RVeM8 ⭐Can you afford a house: DTI Ratio - https://youtu.be/S3glBuf2fRw ⭐What happens at closing -https://youtu.be/heCUdtcGMls ⭐NACA Home Buying Program -https://youtu.be/HLLluwaAfrQ ⭐Should I Rent or Buy? - https://youtu.be/NPgOyRZKfmU ⭐ Get Your Real Estate License Online- https://youtu.be/kHen6QrArwg ⭐⭐PLAYLISTS - https://www.youtube.com/c/ShaheedahHillRealEstate/playlists 🏡🏡Do you want to get your Real Estate License? I recommend Real Estate Express - You can get your real estate license online! Save with my Affiliate Link: https://trk.realestateexpress.com/?a=14274&c=158&p=r&s1= ⭐Join My First Time Buyers Facebook Group⭐ https://www.facebook.com/groups/HillsFirstTimeBuyers/members/
5 Things EVERYONE Should Know Before Buying a House!
11:02

5 Things EVERYONE Should Know Before Buying a House!

These are the top 5 things you should know before buying your first house, from the perspective of both a Real Estate Agent and Real Estate Investor. Enjoy! Add me on Instagram/Snapchat: GPStephan Join the private Real Estate Facebook Group: https://www.facebook.com/groups/therealestatemillionairemastermind/ The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c The first, and biggest mistake is not to worry about minor cosmetic issues. I’m talking about referring to walking into a home and not liking the paint color. Or not liking the carpet. Or thinking the backsplash is ugly. Too many buyers get caught up in the small, easily changed details that they overlook the bigger picture and pass up an otherwise perfect house for something that can be changed out within a day or two for minimal effort. Anytime you’re checking out a property, look at 3 things: -The location. This is something you’re stuck with and can’t change, regardless of how much money you sink into the property. -The second is the floor plan. This CAN be fixed, but it’s just a matter of money. At a certain price, things just don’t make sense to fix - if you’re buying a property for $150,000 under market value, then maybe changing the floorpan can be justified. But if you’re buying at retail level and think the floorplan sucks, then maybe the house isn’t for you. -The third, like I mentioned, are cosmetic issues. These can easily be changed for very inexpensively, all things considered. Don’t get caught up here. The second thing to know is that when you see a property, it’s usually only during an hour in the day - sometimes a weekend afternoon, or a week day after work. But it’s important to understand wha the house is like throughout the day - sometimes what you could be a quiet weekend street is filled with back-to-back stop and go traffic during the week as everyone gets off work. The third is to consider neighbor noise and much like the first example, go there late at night or on weekends and see what the neighbors are like. Trust me on this one…while neighbors come and go, and chances are they won’t be noisy forever, at least have an idea what you’ll be getting into. Fourth thing to consider is commute times. Obviously this won’t matter if you’re buying an investment property, but for anyone else, figure out how long it’ll take you to get to and from work depending on traffic. Especially in Los Angeles, what could be a 15 minute drive at 2am might turn into an hour long commute at 6pm. Fifth, is to always get the home inspected - this is a common sense - I’ve never seen a home NOT be inspected, but I can’t stress the importance of this enough. Get the home inspected, and do as many inspections as you think will be necessary. Even if not to try to get a credit, but just to know what you’re getting into. Finally…as a 6th bonus tip for reading all the way through, because you’re the real MVP…don’t open up any lines of credit or buy anything expensive 6 months before getting your mortgage. The worst thing you can do right before getting a loan is to get yourself in debt or give the bank any reason not to give you the full amount promised. Always get the mortgage, first - then whatever you decide to do after that is on you. For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com Suggested reading: The Millionaire Real Estate Agent: http://goo.gl/TPTSVC Your money or your life: https://goo.gl/fmlaJR The Millionaire Real Estate Investor: https://goo.gl/sV9xtl How to Win Friends and Influence People: https://goo.gl/1f3Meq Think and grow rich: https://goo.gl/SSKlyu Awaken the giant within: https://goo.gl/niIAEI The Book on Rental Property Investing: https://goo.gl/qtJqFq Favorite Credit Cards: Chase Sapphire Reserve - https://goo.gl/sT68EC American Express Platinum - https://goo.gl/C9n4e3

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