Get Organized for Your First Stephenville Home Purchase

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Home being purchased by happy familyCongratulations, you’ve just decided to purchase your first Stephenville home. You’ve carefully study the real estate market, talked to sales agents, and spent months gathering up enough money to make the down payment. Erath County homes are currently on the market and you’ve determined it’s the best location for your growing family, complete with nearby shopping districts and schools. 

Not only are you a smart homebuyer, you’re also prepared for all the documents needed to smoothly transition from bidder to owner. One of the most important steps before making a bid is securing a mortgage loan. Here are some quick tips to help you jump ahead in the bidder’s line.

If you’re ready to make an offer, make sure you already have a pre-approved letter to show the seller you’re able to get a mortgage loan. Most sellers and real estate agents will decline your bid unless you can show in writing your ability to make payments. They generally do not want to take a home off the market for someone who can’t follow through. This hurts both parties and damages your chances of getting an offer to go through. 

Basic paperwork and documentation like 12 months of cancelled checks (if you’re moving on from a renting position), 24 months of W2 statements, your most recent pay stub or tax returns, and up to six months of bank statements, are all needed to get pre-approved for a mortgage loan.

Don’t forget about your basic identification cards either. If you have been renting for the past year, ensure all your payments have been made on time through cheques. This will allow banks to thoroughly check your payback history and make it easier for you to secure a loan. Paying by cash, cashier’s cheque, or making side deals with your landlord will not help you when you’re looking to purchase a home.

A lender may also request your bank statements to see if you have enough to make the down payment. Different banks have different requirements for their loan process, so make sure you know what they are before applying. Also have your W2 forms and pay stubs on hand so loan officers can determine how much you’re able to afford.

If you’re looking to buy in the Stephenville area, please contact us.

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“Desiree Bridges went above and beyond to help us first time home buyers go through the, at times stressful, process. She constantly followed up on items and helped us stay on track, along with the bank and seller. Throughout the entire process she was professional, knowledgeable, and trustworthy. She took our complete lack of real estate knowledge in stride and answered every question. We never had to worry that something was slipping through the cracks on her end. And now we are satisfied home owners. Highly recommend and if I were gonna to buy another one I’d go with Miss Desiree again at Hayden Real Estate!!”