The Real Estate Browser Volume 11, Issue 12 | Page 16

16 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 11 Number 12 www . LynchburgRealEstateBrowser . com

Start Your Home Buying Journey Here !

By Sherry Brady , Branch Manager , Apex Home Loans , Inc .
Buying a home is a huge investment ; in fact , it ’ s the single largest purchase that most of us will ever make . Whether or not your homebuying experience will be smooth and stress-free , is directly related to how much preparation 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 :
NMLS # 217258 Cell ( 434 ) 238-8984 sbrady @ apexhomeloans . com
• 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 savings .
• 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 . 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 documentation to get for it .
• Don ’ t quit your job . Changing jobs can usually be dealt with , but if it ’ s very close to your closing date , it will most likely cause a delay to your closing date . Talk to your 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 complimentary consultation today . Our experienced Loan Consultants 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 , nmlsconsumeraccess . org , Equal Housing Opportunity
• Don ’ t apply for any new credit or make any new
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