Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.

This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house.

It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.

Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure it’s appealing to a seller.

• Prior to listing, sellers who undertake improvements and repairs typically sell their properties faster and for more money. However, because every property and project is different, no guarantees can be made about the outcomes.

• If authorized, a deed of trust may be used to secure your loan against the property you currently own (the "Collateral Property"), at the lender's exclusive discretion. The Collateral Property must be a condominium unit or residential real estate improved with 1-4 dwelling units. Whether a program is offered will depend on where the property is located and whether services are offered in that state. We don't offer loans with commercial real estate, cooperatives, or unoccupied land as collateral.

• Included in the total amount of debt secured by the collateral property is the Windermere Ready loan, which has a maximum debt-to-value ratio of 75%. A comparative market analysis (CMA), which must be completed by a Windermere Broker, will be used to determine fair market value.

• No later than the day the loan is funded, you must enter into a listing contract with the Windermere broker who created the CMA for the Collateral Property. After funding, the Collateral Property must be listed for sale within sixty days. Once the loan is entirely repaid, the Collateral Property must continue to be actively listed with the same Windermere company.

• The loan has a six-month term. Although there are no regular payments required, the loan must be repaid in full either upon the sale of the Collateral Property or at the end of the period, whichever occurs first.

• The maximum loan available is $100,000.00. Only renovations to the collateral property that are necessary before putting it for sale may be financed with loan funds (such as new carpet, paint, repairs, landscaping, etc.).

• The loan fee, which is incorporated into the loan amount, is 4.00% of the total loan amount.

• The borrower incurs no out-of-pocket costs.

• In addition, borrowers pay additional third-party costs that are incorporated into the loan.

Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.

It’s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy. The average first-time buyer expects to stay in a home for around 10 years, according to the National Association of REALTORS®’ 2013 Profile of Home Buyers and Sellers.

Prioritize these items from most important to least.

Compile a list of three or four neighborhoods you’d like to live in, taking into account nearby schools, recreational facilities, area expansion plans, and safety.

Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide

• W-2 Tax returns — or business tax returns if you're self-employed — for the last two or three years for every person signing the loan.
• At least one pay stub for each person signing the loan.
• Account numbers of all your credit cards and the amounts for any outstanding balances.
• Two to four months of bank or credit union statements for both checking and savings accounts.
• Lender, loan number, and amount owed on installment loans, such as student loans and car loans.
• Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
• Brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
• Your most recent 401(k) or other retirement account statement.
• Documentation to verify additional income, such as child support or a pension.