Buying a Home

3 STEPS TO BUYING A HOME

STEP ONE: Get Pre-Approved

The only way to truly know how much home you can afford is to call Monsour Capital Group, LLC right from the start!

-GETTING A PRE-APPROVAL PRIOR TO LOOKING AT HOMES WILL GIVE YOU:

ü Confidence that you can afford and qualify for financing.

ü More credibility with your Realtor.

ü Leverage with seller because they know you are a serious buyer.

Getting pre-approved is as easy as spending time either on the phone, or if preferred, face to face to complete a basic application. Items discussed will focus on your income, credit, and down payment options.

STEP TWO: Determine Your Down-Payment

Once you are pre-approved it’s time to determine how much money you will need to have at the closing to complete the purchase of you new home. By getting the pre-approval first, you will know the MINIMUM AMOUNT of money that will be required by the Lender. Knowing the minimum needed, you can then work with Monsour Capital Group, LLC to figure out what is the right down payment amount for your specific situation. These options will be discussed during your initial pre-approval consultation.

-THREE MAIN SOURCES OF DOWN-PAYMENTS ARE:

1. Your own funds

2. Gift funds from family members

3. Seller paid closing costs

The amount of down-payment is one of the key points to your loan programs’ terms and qualifications.

QUICK TIP: Putting at least 20% down will allow you to avoid paying Private Mortgage Insurance (PMI), thus lowering your overall monthly payment.

STEP THREE: Finalizing Your Loan Application

After you have worked with your realtor and found your new dream home, now it’s time to complete the mortgage process.

-THREE MAIN FACTORS LENDERS CONSIDER WHEN DETERMINING MORTGAGE TERMS:

1. Income: W2 Employee, Self-Employment, Retirement Income, etc.

2. Credit: Scores, Previous Mortgage/RentPayment History, Bankruptcy, etc.

3. Collateral: Type and condition of Home, Marketability, etc.

Monsour Capital Group, LLC will work with you to finalize your loan terms and discuss what documents will be needed. Some items you can expect the lenders to ask for include:

ü Paystubs, W2’s, Tax Returns

ü Signed Sales/Purchase Contract

ü Copy of Rent Checks or Previous Mortgage History

ü Identification, such as Drivers License or Passport.

Each applicant and mortgage program is unique, and thus the importance of having Monsour Capital Group, LLC on your side.

Home for Low PA Mortgage Rates!