Anyone who has been through the homebuying process knows that there’s quite a lot involved. It isn’t always a seamless process, but we’ve seen many successful homebuyers get through it without a hitch, and we’ve noticed that there are some very important steps that can significantly speed things up. In order to give you a leg up, we’ve put together a short list of things you can do to quickly prepare for making an offer on a home. Here’s to shopping confidently!

1. Check your credit report

Finding an inaccuracy on your credit report is one of the worst things that can happen at the last minute during the loan review. Access your credit report first and check it for accuracy. You are eligible for a free credit report every year from the three credit bureaus. You can access it at annualcreditreport.com.

Are all the accounts current/accurate? If there are any issues, your Loan Officer can help guide you in resolving them before you start the loan application. Going into the loan application knowing your credit history is accurate, and that you’re taking the correct steps to resolve any issues will help expedite the process for a smoother transaction.

2. Attend a First-time Homebuyer Class

Even if you think you know enough about the home-buying process to get started for the first time, it’s a good idea to attend a class anyway. The Hometown Home Loan Program and Inside Edge Program both include classes for first-time homebuyers. These five-hour classes are held monthly in most HomeStreet Affinity Lending locations and provide information about the home-buying process, from getting prequalified to signing your closing paperwork. Any Affinity loan officer can help get you signed up for a class.

3. Talk to your family and friends for referrals

There are two important relationships you’ll need to have when buying a home: a Loan Officer and a real estate agent. With HomeStreet Bank, finding a Loan Officer is covered. The right real estate agent—one that you trust and with whom you enjoy working with—is the other important person in the process. Talk to your family and friends to find out whom they used and whether they had a good experience with their agent. Your Loan Officer can also provide you with a list of real estate agents that they have worked with in the past. When you meet with a real estate agent for the first time, make sure they understand what type of house you’re looking for, and interview them for the job. Starting off the process with the right agent will save you time later, so you don’t have to switch agents during your search.

4. Have all your documents ready

To save you a lot of time on the loan application, it is recommended that you have the following documents ready before starting the loan process to save you a lot of time. It’s what we call the “2-2-2 Rule,” meaning you will want to have two most recent pay stubs, the last two years of tax returns including attachments like W-2s, and two months of all the pages from your financial statements from your banking and investment accounts.

If your credit is clean, you’ve attended a first-time homebuyers’ class, you’ve found an agent you like, and you have all your documents for the loan application ready, you are now in a good position to begin looking for your new home.

All loans subject to approval.

By |2021-06-22T17:17:25+00:00April 25th, 2021|Uncategorized|Comments Off on Tips to Speed-up the Homebuying Process