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How should I prepare for buying a home?

Votes: 2
Make sure you know where your down payment funds will come from. If you need to sell stocks, or get the money from a relative, do it now. You'll be relieved not to have to worry about it when you need it.

Write down a list of everything you could possibly want in your dream home. Then go back through your list and circle the things that you absolutely MUST have. These are the items that are most important to you. Keep this list with you when you are looking at homes, and use it as a guide to narrow down your search.

Gather the documents you'll need to apply for your mortgage. Most lenders will ask for the following:

  • W-2's for the last two years: If you are self employed, commissioned or own other real estate you should have 2 years 1040's with all schedules.
  • A recent paystub for all jobs.
  • Bank statements for the past 3 months for all accounts and any retirement or investment accounts.
  • Statements or payment books for any installment loans including mortgages.
  • The name and address of your landlord for the past 2 years (to verify timely rent payments) or 12 months canceled rent checks.
  • Proof of funds for your earnest money deposit.
  • Self employed borrowers may need to prepare a year to date profit and loss statement.
  • Addresses, Loan, tax, insurance info and leases for any other real estate owned.

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