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Get pre-approve for the purchase
and know your budgets ahead of time.
This takes very little time and it will give you great
value. Identify your price range so you can be comfortable
with your financial lifestyle.
We recommend that your monthly mortgage payment should be
less than or equal to a quarter of your monthly gross
income. This percentage can change based on the type of
mortgage you choose and sometimes the area in which you're
looking to buy.
You need to factor your other debts into determining an
affordable monthly mortgage payment. Debt is not just credit
cards and student loans. It can also include alimony, child
support, car loans, and housing expenses.
Our Mortgage Advisor will help educate you about the entire
process.
Choose a loan program.
Your personal situation will determine the best kind of
loan for you. By asking yourself a few questions, you can
help narrow your search among the many options available and
discover which loan suits you best.
- Do you expect your finances to changeover the next
few years?
- Are you planning to live in this home for a long
period of time?
- Are you comfortable with the idea of a changing
mortgage payment amount?
- Do you wish to be free of mortgage debt as your
children approach college age or as you prepare for
retirement?
Optionwide can help you use your
answers to questions such as these to decide which loan best
fits your needs.
Search for a your home.
The first thing to do before even calling a realtor is make
a list of everything you are looking for in a new home from
the area you want to live, the type of property, if there is
public transportation within walking distance, to the price.
Establish a set of minimum requirements and a 'wish list"
for your new home.
Find a Real Estate Agent.
One way to find candidates to interview is to talk to
professionals from real estate related professions and ask
their opinion. If you know someone who is employed as an
escrow officer, title representative, homeowners insurance
salesman, or loan officer, they will be able to recommend
Realtors from the area they work in. Optionwide Home Loans
can refer you Realtors who will work hard for you.
Make an offer.
Your real estate agent will assist you in making an offer,
which will include the following information:
- Complete legal description of the property
- Amount of earnest money (Earnest money is money put
down to demonstrate your seriousness about buying a
home.)
- Down payment and financing details
- Proposed move-in date
- Price you are offering
- Proposed closing date
- Length of time the offer is valid
- Details of the deal
Secure your
rate by lock it in.
After signing a home purchase agreement, you're ready to
lock-in an interest rate. This freezes your interest rate
and protects you against market fluctuations for a specific
time period. Optionwide Home Loans can help you secure the
rate from 15 to 60 days. Speak to our Mortgage Advisor for
details for longer extension.
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Equal Housing
Opportunity