Road to Ownership

2011 may just be the year to change your goals and prepare for your home purchase. The process of becoming a home owner has never changed, the game has. What do you need to know when you set out to make such a big decision?

First things first, with the economy ever changing the way it is, entering into a home purchase is going to be scrutinized up and down, left and right. Where to begin?

Employment is the largest looming aspect dealing with any real estate related purchase. Not just the fact you have a job, but, how does your job provide for you. Most first time home buyers are going to start with a home loan specialist or mortgage broker. They are gathering information about your life at this point in time.

Generally speaking, the mortgage loan industry guidelines will require that you have a job that you have been in at least two (2) years. You will need to show income tax returns for those years. If you are self employed i.e.: Realtor, Sales person, also a two year period of time with income tax returns to back it up. Credit scores must be good and your debt to income ratios (how much you owe compared to how much you bring home) must be in an acceptable area. Being a first time home owner will take an extra step. Taking a home buyer class is the first. This class will enlighten you on the upsides and pitfalls of the home buyer process.

Once the loan is in place it is moving to the home shopping is next. Knowing what you can afford is paramount when touring homes. This saves you time energy and effort. Of course hiring a Real Estate Agent that is experienced working with buyers will make it all worth it. Realtors know the ins and outs of the business. They will educate you as the buyer as you go through the home purchase process. Happy House Hunting!