Home Buying Tips
Whether you are a first-time home buyer or a seasoned home owner purchasing a new home, this list of buying tips will help you make the best choices during the process:
- Review your monthly expenses and determine what payment you can afford each month. Use nbkc's maximum mortgage calculator.
- Gather the paperwork you will need to provide the bank for the loan. This includes employment history for the past two years (W2s), one month of pay stubs, proof of other income, and proof that you have funds for a down payment. This final item could include three checking and savings accounts statements, CDs, and a 401(k). If some of the money going toward your home is a gift, you may need documentation for that as well. Depending on your situation, additional documentation may be required. All applications are subject to standard credit approval.
- Work with nbkc for a pre-approval or pre-qualification. With pre-approval you will know what the bank can lend you, and it strengthens your offer when you find a home you would like to purchase.
- Make a list of what you want in a new home purchase. Consider location, type, (ex. single-family home or condominium) square footage, age of the home, and specific home features. All of these factors will influence price and eventually your mortgage payment.
- Learn about the types of loans and decide which will work best for you. Read about our different home loan products, or call us at 1-800-375-8096 to speak with a nbkc loan professional.
- While it's not necessary to hire a realtor (buyer's agent), a realtor can help you decide what type of home is best for you, help you locate available homes, and help you negotiate and complete the purchasing process.
- After you make an offer with a "sales contract," you enter into negotiation. This is when a realtor will be the most beneficial.
- Begin the loan process with nbkc. You will receive guidance about choosing the correct loan program, as well as hiring someone to perform a mechanical inspection and an appraisal.
To get started, contact us at 1-800-375-8096.