Home Buyer Guide

Getting Started.

Purchasing a home can be one of the most exciting and stressful times in a person’s life. There are so many questions and things that can go wrong if you’re not properly prepared. Have you ever prepared a detailed budget to determine if you’re financially ready to buy a new home? Are you planning to fix and flip a property? How will you know when the timing is right? Should you be waiting for the market to improve? It’s easy to get lost in what appears to be a never ending stream of difficult questions. If only mortgages could be simple! This is exactly why the team here at Bydand is prepared to help you!

To be sure you are adequately prepared for the home-buying process, ask yourself: :

  • Is my income stable and reliable?
  • Am I able to put a percentage of my income into my savings account every month?
  • Is my monthly debt at a manageable level relative to my income?
  • How is my credit score?
  • Is my savings account already in place and do I have enough set aside to pay a small down payment, if necessary?

Did you answer ‘yes’ to most or all of these questions? If so, you should smile and feel a little more confident. You are likely ready to jump into the home buying process. If you answered no to most of the questions listed above, there’s no need to feel discouraged. Pinpoint the area(s) you’d like to improve upon and we’ll be here when you’re ready to get started again.

For those of us who are ready to begin, the process of buying a new home can be a little tricky to say the least. There are a few key steps to navigate but you’ve got a team of experienced lending professionals behind you at every step.

Knowing Your Options And Goals.

Depending on your financial needs, you’ll want to select the loan program that has what you’re looking for, has qualifying requirements that you can meet, and helps you stay on top of your home buying goals. There are quite a few options out there and we highly recommend doing your own research first to see what you feel will be the best fit. It is a great idea to talk with your mortgage professional during this step to narrow down your options and decide what loan products will be the most beneficial for you.

Bydand offers the following loans to qualifying buyers:

  • FHA
  • Conventional
  • Jumbo
  • VA
  • Refinancing
  • Non-Traditional

You can learn more about the qualifying processes for specific programs by selecting the programs that interest here . If you find that you do not qualify for any of our loan programs, there’s no need to feel discouraged. Our mortgage professionals would be happy to go over the areas of your requirements that are in need of improvement and offer suggestions for qualifying in the future. We value our clients for life and would be happy to help assist you as you work towards owning a home.
If you have any questions about one or more of the home loans listed above, contact a member of our team who will be happy to assist you. We understand your options can feel overwhelming so we’re here to help keep it simple!

*Bydand is not affiliated with or acting on behalf of or at the direction of the Federal Housing Authority (FHA), the Veterans Administration (VA) or any government agency or government sponsored entity.

Getting Approval and Meeting The Qualifications.

Going over loans and their qualifications can take up a good amount of time, so if you’re ready to move on, give yourself a little pat on the back. Once you have decided which loan program will fit your needs and help you achieve your goals, one of our loan officers will work with you to get your application started and ensure that you have the proper qualifications and documentation in order once requested.

This step is one of the most important in the process because it requires you to organize and provide proof that you qualify for your desired loan program. Overall, this is critical to the rest of the home owning process as it actually involves reviewing your financial documents. To get this process moving smoothly, we will need access to your household income, current assets, outstanding debt, and overall credit score. We’ll keep you informed throughout this process and let you know when it’s time to move on to the next step or if your application will require any additional documentation.

Work With Your Agent.

Was your application approved by your loan officer? Fantastic! If you are approved, we will connect you with one of our recommended real estate agents who can help find the perfect house for you to call home. This is the fun and exciting part of the home ownership process where you can actually find the property that is right for you, your family, or your investments. Shop around and have a little fun here! You have the chance to tour properties and decide what you do and don’t like in a house.

Keep in mind, it is wise to have a relative budget, a list of neighborhoods, and nearby amenities in mind that you would like to see from the home before meeting with your real estate agent to discuss your options. This will help your agent adequately prepare listings you may be interested in and narrow down your options by your desired specifications and highlight properties that will best fit you and your style.

How Do You Know If A House Is Your Future Home?

Searching for your first home, moving, or finding an investment property can feel like a lot when you’re not quite sure what you’re looking for. It’s alright to sit back and take a moment to consider what is really important to you and what features you are willing to compromise on. While selecting which home to purchase is ultimately your choice, take a look at our list of aspects to keep in mind when starting your dream home search:

  • What neighborhood is the home in?
  • Are other homes in the area well kept?
  • What local schools are nearby?
  • How far is your potential commute?
  • What nearby amenities are available?
  • How much will the home cost?
  • Will the number of rooms/bathrooms be sufficient?

Are you still having trouble deciding on what house you’d like to call home? More research may be needed to help you make a confident and educated decision. If you’re still having trouble, contact your real estate agent for more help!

Ready To Make An Offer?

Have you found your dream home? It’s now time to make an initial offer on the property. Although the negotiation process can be tricky, your agent will be able to help guide you. It may have taken a lot of grit and effort to find this property, but it is important not to get overly attached. Nothing is final until the closing is over. The situation could change unexpectedly and you need to be prepared to handle that. For instance, someone else may place a higher offer on the house that you are unable to compete with. If this happens, return to your drawing board and be ready to expand your search a little bit and contemplate your additional options. There will likely be another property that meets your needs. Keeping an open mind and sticking to your budget will help you stay on track to closing a well thought out investment.

Just A Few More Things To Do Before Closing.

We know that you’re excited to close, but there are a few more important things on our “To Do List” that need to happen to help ensure a smooth and successful closing process.

Be prepared to:

Get a home inspection.

You will want to make sure you schedule a trusted inspector to double-check that the home is in good condition. An inspection will help you determine the overall fitness of the property. If any costly repairs are needed prior to moving in, you’ll want to be well prepared and ready to fix unforeseen issues. The last thing you’ll want after all this diligent research is unwanted surprises that set back your timeline or your budget.

Get an appraisal.

Once the home inspection has been completed, you’ll want to schedule a property appraisal. This step helps you make sure that you have an accurate and up to date evaluation of the market value of the property. Knowing what your home is worth at the time of purchase will help you keep tabs on your investment over time.

Get an underwriting approval

During this time our team will work on underwriting your loan and preparing your documents. We’ll be verifying your financial status in order to give the loan its final approval and make sure that everything you need to close on the property is in order. Once this step is taken care of, you’ve officially secured the financing to move forward and purchase the home. Congratulations! Let’s move on to the actual closing.

Closing.

Cheers to you! The closing day is here and it’s time to celebrate! Granted that all of our previous steps have been completed with a dot on every “i” and a cross through every “t”, it’s time to close on your new home. Take good care while performing the final walk through of the home to ensure that everything still looks to be in good shape. Once you’re satisfied with the property, your loan officer will walk you through the Closing Disclosure document to ensure that all of your financial details are in order.

You will be asked to provide:

  • A government-issued ID or driver’s license
  • Available funds in the form of a bank check or a wire that are sufficient to cover any down payment needed or unpaid closing costs