Scrolling Into Homeownership
- 4 min
Sick of living vicariously through your favorite influencer building their dream home? Day after day they put up a poll on their Instagram feeds asking you to engage in the backsplash design or help choose the stain on their beautiful, vaulted beamed ceiling. It might even start to feel like your dream of homeownership isn’t your dream at all. That stops here. We’re going to show you how to turn your dream into an Instagram-worthy reality.
Go live with research at your fingertips.
Start brushing up on your homework, understand the importance of your credit score. Our knowledge center has a wealth of information for you right on your phone. Getting accustomed to the different lingo you’ll hear throughout the process will help.
Buying a home is one of the biggest decisions you’ll make in your lifetime. That dream of homeownership is one that you, and many of your followers share. In part because it’s such a large financial investment but it’s also considered hard to achieve. Have no fear, it’s not. If you’re renting right now, odds are you’re already paying (and technically throwing away) a certain amount of money. That amount is likely equal to a mortgage payment.
Have a healthy tab on your credit score.
This means that you know what’s going in and out of your bank account; you’re paying your bills and other financial obligations on time. But you’re also not spending a crazy amount of money on things you can’t really afford. That’s where that debt-to-income term from our knowledge center will help you.
Size is important.
Knowing the type of home you want helps determine your price-range. If you don’t have kids, maybe you’re thinking of something with a yard for your #cute pup. Or, you have two under two and you’re quickly outgrowing your rental and in dire #needofsleep. Getting a grasp on how many bedrooms, bathrooms or playrooms needed will help ahead of time.
Features in your home
That beautiful island, while lovely, can cost you. If you have an idea of specific features you want in your home, just know that those things sometimes come with time. If the perfect house in your price range hits the market, but it’s lacking the kind of mantle you wanted to decorate, that’s okay. Updates can be made in time! Just get the list of necessities plus your #goals list and move forward with that in mind when you’re hunting for your home!
Qualified and verified
Yay! This is it; this is the moment you’ve been waiting and saving for. To you, this might feel like the scariest part, but we make everything so easy, you have no reason to be afraid. When you apply online through our Homestretch application (maybe link to application page?) we’re able to co-navigate the app with you. That way, if any questions come up – we’re there to answer them for you.
What you’ll need to submit your application:
ID and Social Security Number
Pay stubs from the last 30 days
W-2s or I-9s from the past 2 years
Proof of any other sources of income
Recent bank statements
Federal tax returns
Any additional supporting documents your Mortgage Banker might request
Once you finish your application process and you crunch the numbers with your mortgage banker, you’ll have a better outlook on just how much home you can afford!
House hunting committed
Swiping right on a real estate agent would be your first step. Nowadays we’re in this weird place of knowing people through social media before we ever call them. Is that considering cyber stalking? Maybe. But, one thing is for sure – people are doing their research before they ever pick up the phone to call. Ensuring that you’ve got the perfect REALTOR means that they understand what you’re looking for, they are willing to find the perfect house for you, and maybe they have a fun personality trait (or two).
Find your dream home. Once you start to search for a home, whether online or in person you should make sure you look at a few to mold what you truly want in a home. Take notice of the floors, the walls, even the ceilings! Once you find that perfect home, make a firm offer. This is something your REALTOR (r) is a pro at. Confide in them what you think you’d like to offer based on your pre-qualification and cross your fingers!
After your offer is accepted, you’re going to order a home inspection. It’s almost like going to the doctor or even bringing your car to a mechanic. During this process the home inspector will go around kicking tires to make sure you know the condition of your home.
Closing and posting
Simply put, it’s 1) the official transfer of ownership from home seller to homebuyer, and 2) the final distribution of funds. The transfer of ownership is somewhat self-explanatory. At closing, ownership is transferred from the seller when they sign the deed of the home over to you, the buyer. From there, the deed will be legally recorded by the title company. Also at closing, the seller and real estate agent will receive their payments, and you’ll pay the closing costs associated with your home purchase. This is the distribution of funds. Now that you understand what will actually happen at closing, you’ll need to prepare for the big day. That’s it, post your “Sold Selfie” because you are now a #homeowner.