The Things to Bring Along with You

Many times we've encouraged first time buyers, well all buyers really, to make full loan approval prior to ending their search for their new home. So, assuming that you're taking that advice and that you're going to meet with a loan officer to make loan applications, there are some things that you need to take along with you (besides a pen). 

Below is a list sent to us by one of our lender friends of things you need to bring, including financial documents. This will provide you with a checklist for you as you make your way towards your new home.

• Copies of 2011 & 2010 Tax Returns including ALL W-2's and/or 1099's (if Tax Returns are not completed then we will need a copy of the extension & 209 Tax Return)
• Copies of one month of your most recent Pay Stubs
• Complete Copies of two months of your most recent bank statements
• Most recent 401K and/or Investment Statements
• Divorce Decree (if applicable)
• Social Security Award Letter(s) (if applicable)
• Bankruptcy Petition and Bankruptcy Discharge Papers (if applicable)
• Gift Letter, copy of Cashiers Check and Bank Statement from Donor (if applicable)
• Copy of Real Estate Sales Contract (sale and/or purchase)
• Name and phone number of Insurance Agent

For more information, contact us by visiting our website at www.springfieldfirsthome.com, or call or text us at 417.872.9222.

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Location, Location, Location

So, what is the oldest rule in the book about real estate? Location. Location. Location.

This should be the case when you're buying your first home as much as it is when you're building a parcel of land on which to build the world's largest office building. Location is going to be important to you for a number of reasons including a location that is close to work or schools, or just generally meets your needs for a house. But it is also the case that location is extremely important in terms of both resale value and desirability by future buyers  (which is just another factor of resale value).

While it is necessary for everyone to find an area that suits their basic needs, in terms of resale value, do your best to find an area with increasing popularity and therefore value. One of the great parts of this is that you're not attempting to base your value for a certain area on its value now but on the perceived value in the future. Therefore, a neighborhood made up of newly constructed homes may be higher-priced right now, but 10 years down the road if that same neighborhood were full of foreclosures, while at the same time a currently lower-priced neighborhood made up of older homes becomes in high demand because of its area and the character of homes, a buyer would be better off buying one of those older homes right now.

The bottom line is, you should be looking at homes that suits your needs the best. But don't forget to put location in the equation as well. It could reap great rewards down the road.