How to plan for a real estate purchase |

How to plan for a real estate purchase

Bob Kieber

Financial Facts.BY BOB KIEBEROver the years I have seen potential home buyers that have planned well, and I have seen those who do not understand the process of planning. Whoever you are, I suggest you read on.

For any potential home buyer, once you have decided to look into the process of investing into real estate, I suggest the first thing you do is get a medium-sized box. One that is the size of a bread box, and for those of you who do not know what a bread box is I suggest you get an empty beer box.Then toss in your recent pay stubs, bank statements, any and all retirement account statements and your divorce settlement papers. Now that you have step one complete, it’s on to step two. This step is as simple as step one. Pick up your telephone and place a call to me or your friendly neighborhood mortgage professional. Set an appointment to meet with them, and when you go to that appointment take along your prized box of documents.At that time you can discuss your thoughts on buying or, as I prefer to call it, investing in real estate. The mortgage professional will want to look at the various personal financial documents in your box, and I would expect that a full three bureau credit report will be run right then and there.

The credit report is and will remain a major part of the mortgage process from this point on. If the report is correct, the mortgage programs available to you surface. If the report has errors, the mortgage professional should work with you on how to get these incorrect items removed from the report.If the report is good you can go to the next step, and that is picking a real estate agent and starting the process of shopping for a home. If the credit report is lousy you can get to work on getting it corrected or you can leave and go renew your lease.The process of finding the right home can vary widely. Some buyers find a home quickly, and that is when your agent knows your list of needs and wants. That list includes the number of bedrooms, baths and so on. But be prepared, I have seen well-qualified buyers with reasonable needs and wants that never find just the right home.

For those who do find the right property, the mortgage process picks up again as an investor is added into the mix. Your mortgage professional will get all the documents necessary for a file to be submitted on your behalf; once the loan is approved you close the deal. You bring in your down payment and sign dozens of papers. You are now a homeowner. For answers to your mortgage related questions, call BOB KIEBER at (970) 262-1199 or e-mail him at Bob is a local mortgage banker and principal of Resort Lending. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country.

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