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Planning to Buy

01/28/2019 - Borrowing, Home Buying

Planning to Buy This Spring? Get Ready Now!

If you’re planning to buy a home this spring, you should prepare now. Here are five things you can do to help you get into the home of your dreams as quickly as possible.

Get pre-qualified.

Before you start looking for a home, get pre-qualified. This way, you’ll know what you can afford and can shop within your budget. Plus, you’ll be a “serious” buyer to a seller. Discuss loan options with your WesBanco lender and start thinking about how you plan to finance your home.

Hire a real estate agent.

You can do a lot of searching on your own, but it’s still essential to have a real estate agent help you with the home buying process. Your agent can help you find a home you like, within your budget, and negotiate the best deal for you.

Get your credit report.

Your credit score is key to getting the best loan possible. By law, you get one free credit report each year by going to annualcreditreport.com. Take advantage of this free offer and review your report. Make sure everything is in order. You may also obtain your credit score for a fee. If your score is lower than anticipated, talk to your lender about how you can improve it before buying your home. There are things you can do to change your score in as little as three to six months. The better your score, the more options you’ll have.

Save for your down payment.

The type of loan you choose determines the amount you need to save for a down payment. For example, if you’re eligible for an FHA loan, you put down as little as 3.5% of the purchase price. Some loans require no down payment at all. In most instances, though, you need to prepare for a down payment of approximately 5% of the purchase price.

Get your documents in order.

If you know you’re ready to buy within the next three to six months, start a file to use for documentation purposes. Ask your WesBanco lender what you’ll need for the loan and start preparing now. Some of these documents include paycheck stubs, W-2s or I-9 tax forms, bank account statements, investment statements, details on current real estate holdings, or tax returns. Click here for a full list. Keep this information updated for your WesBanco lender when you’re ready to buy.

Buying a home takes time, but the process is easy when you’re prepared. Our experienced Mortgage Loan Officers will help you select the loan that best suits your needs and guide you every step of the way, from application to closing. To learn more about WesBanco Mortgage Solutions, click here or apply online anytime!

Content is for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author.

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