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1- We are in the process of purchasing our first home. What should we look for?
Make a list of your needs. Make a list of the features you like and dislike of each house you preview. Don’t be afraid to ask questions about the neighborhood, restrictions and regulations of the homeowner’s association or related to historic sites. Find out the location of the nearest shopping centers, schools and hospitals.
Check the structural and land development details of the property. If the property is an REO the property will be sold “As is” conditions, we always recommend you to contact an engineer or certified inspector to help you identify any structural damages.
2- How do I know if I can afford a house before I apply for a loan?
You can apply for a prequalification form from a bank by phone, in person or online. This process will demonstrate your borrowing power and the amount that you can afford.
3- What requirements are necessary to qualify for a mortgage loan?
These are the general guidelines of the requirements to qualify for a mortgage loan. However, remember that each case is evaluated individually by the bank or lending institution.
- You should have funds to cover the down payment and the closing costs. These funds usually proceed from your account. You should be able to demonstrate their source with bank statements.
- If you are self-employed, or a business owner, you must submit your tax returns and / or a financial statements from the last 24 months and financial statements.
- You must have a source of income or collect the amount that will allow you to pay the loan you applied for. The income you report can be your own or combined between you and your spouse or a cosigner.
4- What kind of documents do I need for a mortgage loan application?
To speed the mortgage loan application process, you must provide the following documents during the interview:
- Last two employment payment stubs
- Last two bank statements
- Property Legal Description
- Property Tax id number
- Purchase and Sale Agreement (if applicable)
5- What are the closing costs of the mortgage loan?
There are four basic categories of charges during the closing of the mortgage loan:
Charges related to the transfer of the deed:
- Title Insurance
- Legal Fees
Fees (Government Recording and Transfer Charges):
- Fees paid by the borrower or by the seller, depending on specified terms and conditions.
Charges related to the cost of the loan:
- Origination Fees
- Discount Points
- Loan Insurance Premium
- Homeowner¹s Insurance Premium
- Property Taxes Escrow Account, if applicable
- Property Appraisal
- Credit Report
- Title Search
- Flood Zone Determination
6- What is the process to submit an offer?
Once you have the mortgage approval letter or proof of funds (if it is cash), you must coordinate an inspection with a Blueprint Real Estate Agent. At the end of the inspection you can submit an offer. The offer is made without a deposit and it is subject to approval of the owner. If your offer is approved, the next step is to sign the contract.
7- What is the process once the offer is approved?
Once the offer is approved you will have 48 hours to sign the contract. If the property is financed the following documents are required:
- A manager’s check or money gram for the amount established by both parties.
- Valid identification
Mortgage pre-approval letter by the bank of your preference
8- What are the Cash Offer Requirements if I am going to buy property cash?
You must submit proof of funds with your offer. It can be a bank statement or a letter of the bank confirming that you have the balance for the purchase. Personal checks and cash are not accepted only managers check or money grams.
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