lime Improvement

Tips To Navigate
The Home-Buying Process

ith the housing market recovery
under way and interest rates low
but on the rise, experts say now is
a good time to buy a home.
While searching for a home can be excit-
ing, it's one step in the process. Determin-
ing your budget and assembling a team of
specialists to help navigate the process can
be just as important.
Discover Home Loans is offering tips to
help make starting the search for your home
as easy as possible.

W

LAY A FINANCIAL FOUNDATION
Prior to searching for a home, it's important
to get a handle on your finances. Obtain a
copy of your credit report and identify items
that may affect your score and repair them.
Put together a framework to save money
for a down payment, which can range
from 3.5 percent to 20 percent of the total
purchase price of the home depending on
the lender and type of loan you choose.
Establish a budget and contribute to a high-
yield savings account regularly. For conve-
nience purposes, consider making automatic
deposits.

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Floor Space Magazine •

November 2013

SECURE A MORTGAGE BANKER
The next step is finding a mortgage banker
you can rely on and have a rapport with.
Look for one who will educate you about
the loan process and help you make choices
that best fit your financial situation. Other
important differentiating factors are choos-
ing a mortgage banker who specializes in
purchase loans and provides fully underwrit-
ten pre-approvals. It's also important that
your mortgage banker and Realtor work as
a team to determine the best loan solution
for you.

IDENTIFY A BUDGET RANGE
Once you've found a mortgage banker, work
with them to identify how much you can
spend on your home. The best way to do
that is to get preapproved for a loan. A pre-
approval means you qualify for a particular
loan amount based on your verified income
and credit information.
"You may have heard stories about
people who find the perfect house and then
can't secure the financing. There's no reason
to leave this as an open question," says Ti
Freeborn, mortgage professional at Discover

Financial Services.
Getting a fully underwritten pre-approval
from your mortgage banker will give you
confidence during the home shopping pro-
cess. Plus, having a pre-approval helps the
seller take your offer seriously.

FIND A REALTOR
Finally, find a Realtor who specializes in your
area. Ask friends and family for recom-
mendations, or look for suggestions from a
reputable business. For example, Discover
Home Loans has partnered with one of the
largest real estate networks and can match
you with a reputable agent.
"Your Realtor should be a resource who
can help you identify what's important in
a house and community and find potential
properties to look at," Freeborn says.
Once you've found the home you're
interested in buying, notify your mortgage
banker to finish the financing process.
Many tips and home buying resources are
available online at www.Discover
HomeLoans.com .

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Courtesy of StatePoint