Steps To Purchasing A Home
- The Home Buying Process Step 1 – Speaking To A Mortgage Loan Originator
- The Home Buying Process Step 2 – The Mortgage Loan Application
- The Home Buying Process Step 3 — Pre – Qualification
- The Home Buying Process Step 5 – Contract Ratification
- The Home Buying Process Step 6 – Underwriting
- The Home Buying Process Step 7 – Settlement Date
Documentation needed for loan pre-approval:
+ 2 recent bank statements
+ 2 recent paystubs
+ Last 2 years W2’s and possibly tax returns
The “Home Ownership Wealth Escalator”.
Consider this example…
You have made the wise decision to purchase your first home.
You have found a home that meets your needs PLUS it is in a popular location allowing you to rent it out in the future.
The sales price is is $400k and because this is your first time you only have to put 3% down.
The Home Buying Process And Appreciation
Let’s look at the illustration below.
As a first time home buyer, your minimum downpayment on a conventional loan is 3%
Let’s assume that you are purchasing a $400k home in the DC Metro area.
Closing costs can be around $9k and we will look 5 years out to see what you may earn as your property appreciates in value.
Looking out 5 years your property could be worth between $470,648 using forecasted appreciation or $505,428 if looking at the historical appreciation.
Could you earn $70,648 – $105,428 paying rent for 5 years?
Now let’s deduct the $9,000 you paid in closing costs and you have earned $61,648 – $96,428 in a 5 year period.
All you have to do is make your payments on time!
Your return on investment is staggering.
Where else are you able to grow wealth like this?
👉Want to see how much you may qualify for? 👈
Let’s get started with my hassle-free pre-qualification process today.
Have additional questions and want answers? CLICK HERE to find a time on my calendar that works for you.
🔷Home Loans In Virginia And Maryland🔷
Rod Ferrier is a licensed loan originator in Virginia and Maryland.
A U.S. Navy Veteran, father of four, he began his career as a loan officer in 2002.
He specializes in assisting his clients to navigate the home buying process towards homeownership.
His clients include Veterans, first time home buyers, families looking to purchase a bigger home, as well as empty-nesters seeking to downsize.
Rod’s background in financial planning provides his clients with the opportunity to benefit from the wealth created by strategically purchasing the right home.