It’s an exciting time and there is nothing like a new home to call your own. It can also be a very nerve racking time if the mortgage company you choose to assist you doesn’t put its clients first. Elite Mortgage Capital would like to ensure that your journey to home ownership is a smooth one. Here are some guidelines to help you every step of the way.
Know what type of home you want
- Do some house hunting first.
- Know what size of home suits your needs and assess carefully your choice of area. Think about accessibility to work, public transportation, schooling and other amenities. Remember location, location, location because it really does matter.
Consider your finances carefully
Know exactly how much you can afford. Use our Monthly Repayment Calculator to see how much you’ll need to earn on a monthly basis, to afford the home.
Once you have gone through this process it is time to contact one of our Loan Consultants. You can call us directly, visit our nearest office fill out our Quick Application online.
Your down payment
You will be required to put some money down before you can buy a house. The amount of the down payment varies and is dependent on your credit history, loan amount and income to debt ratio.
The responsible loan program
Elite Mortgage Capital has a wide range of financial products tailored to meet your individual requirements. It’s important to select the right loan program that works best for you.
There are a number of factors to consider when determining the initial amount to offer on a home:
- Sale price of comparable houses in the neighborhood for the past year will give you a good estimate of current market value. The real estate agent will assist you with this information by doing a market analysis.
- In a seller’s market, the houses sell fast and sellers get close to the asking price. In a buyer’s market, where the house has been on the market for a while or when the seller needs to sell quickly, there is room to negotiate a lower price than the asking price.
- The general condition of the house is also a factor in determining the price you offer. Costs of items that need to be repaired, updated or replaced done in or around the house must be taken into consideration. Ask the seller or real estate agent as many questions as you can until you are totally satisfied. Viewing the selected property several times will assist in making a final decision.
A preliminary list of documents needed is:
- Proof of income which will be the most recent 2 years of tax returns and w-2′s along with pay stubs covering the most recent 30 day period
- Copy of the ratified Purchase Contract
- Bank statements for the last 2 months
Actual documents vary on a case by case basis and will be determined by the underwriter assigned to your case.
Signing on the dotted line
- Once the legal documents are signed at settlement you can congratulate yourself because you are now a proud owner of your new home!