Borrower’s Guide

Home Purchase Basics

After deciding that buying a home is the best decision for you, what is next?

Preparation:

How much cash do you have from your own resources for down payment and closing costs?
What is your income to debt ratio?
What are your credit scores (you should look for three scores) and what is your credit status?

Perhaps you have already thought of these issues while working towards your goal of buying a home or maybe this is all new to you. Either way, you need to consider these questions when deciding on the type of loan program is best suited for you.

People in the process:

Purchasing a home is an involved and detailed process that will lead you to many different individuals along the way who can provide you the knowledge you need.

Loan Officer

The ideal way to start your home search is with an experienced and trusted advisor known as a loan officer, and you will find many here at WestStar Mortgage, Inc!  Your WestStar loan officer can provide you with general program information with some basic information from you and discuss in full detail your household budget that will serve as the foundation for your housing research. This will direct you towards the appropriate price range of homes which you should consider.

Realtors

A knowledgeable and reputable professional real estate agent known as a Realtor can provide you with current and valuable advice into the complex world of real estate. Gaining this understanding can be a challenge in a very dynamic and ever changing economy.  Decide on your Realtor based on their knowledge of local information related to your needs; neighborhoods, schools, shopping, and data related to recent sales and prices of similar homes.

You want to work with someone who is going to take the time to get to know your needs and wants that you have in a home.  They need to understand your future financial and personal goals to better able lead the search for that new home. They’ll know more about the areas of interest and the types of houses to search out specifically with you in mind.  This approach will minimize time lost and frustration while resulting in finding your home sooner.

Settlement Agent

Buyers in some areas may find it necessary to hire a real estate attorney.  The concept of involving legal counsel in the real estate transaction can further confirm that the contracts for the transaction are legally sound and meet all local government requirements. Ask your Realtor if bringing on legal counsel for your transaction is advised.

Professional Tax Advisor

The best means to learning about tax deductions available to your specific income situation is through a professional tax advisor.  This person will be most familiar with the most recent laws and changes and will help with your tax planning.  This is the person who can tell you which of your mortgage expenses will be tax deductible.