Filled with mysterious acronyms and confusing terms - we created these resources to demystify the real estate business.
Today, prospective home buyers can look at hundreds of homes online. And, it’s a great thing to do too. Looking at lots of home lets you decide what floor plans you really like and what neighborhood seems to be right for you. When it comes to actually checking out the house in person, however, most people visit around 10 homes before they fall in love. But, just like love itself, everyone’s timeline is a little different. For some, it’s love at first sight, for others “it’s complicated.” Whichever category you fall into, you won’t be going it alone. It’s your realtor’s job to help you wade through the options and know when you’re ready to say “I do.”
Don’t give up hope. You could be a good candidate for one of the federal mortgage programs available for first-time home buyers. The best way to find out is to contact a HUD-funded housing counseling agency to help you sort through your options.
This is actually one of the best questions you can ask, because it means you’re really considering all the aspects of home ownership. And, there are a lot of them. Of course, you’ll want to figure in fixed monthly expenses like utilities, trash collection, and things like cable or wifi. Then, think about fluctuating costs, like a water bill for that green lawn you’ll have or occasional maintenance costs for when your dog chews through the fence. Of course, you’ll have property and possibly city or county taxes. Good thing about the taxes, is that they’re usually rolled into your mortgage payment. Again, your Rilio Agent can help you figure out what additional costs you might run into.
Whether you apply for a loan online or in person, you’ll likely be asked to provide the following information:
- Social security number
- Checking and savings account statements for the last 6 months
- Proof of any assets, like stocks or bonds
- A paycheck stub or evidence of earnings
- A list of credit card accounts and amount owed on each
- Account numbers and balances on car, or any other, loans
- Copies of your last 2 years of income tax statements
- The name and address of someone who can verify your employment
We know, we know. Sounds like a lot. But if you think about it, you’re asking someone to loan you a lot of money. So, spend the time, get the paperwork together and see what loans you qualify for.