SIB Realty
Office: 305-931-6931
Fax: 305-397-2587

Buying A New Home?

1. Don't buy if you can't stay put.

When purchasing a home, plan on ideally staying in that particular location at least a few years to make the move more worthwhile financially.

2. Make sure your Credit is in order

Prior to your house hunting adventure, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Stay within your Realistic Price Range

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. It's best to not be too strapped in case something crazy comes up (which always does!)

4. Try to have at least 20% for Down Payment

There are a variety of public and private lenders with a variety of options but most require at least 20% Down.

5. Choosing a Home in a GOOD School District is Important for Re-Sale and Value

Regardless of whether you have school aged children yourself or not, when it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get help from a Professional and Reputable Realtor

Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process. 

7. Choose wisely and carefully when shopping for a Home Loan

Rate vs. Points ... If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Make sure to be "Pre-Approved" BEFORE House Shopping

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. 

9. Be Educated and Informed and know your Market

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. 

10. Hire a Reputable Home Inspector

If you are getting a mortgage. 

His or her job will be to point out potential problems that could require costly repairs down the road.

These are the documents which a borrower or borrowers need to put together as soon as possible.  Of course, not all of these documents are needed, but anyone who can get these together before or super early on in the transaction will ensure hitting their contract dates.


  1. 2016 & 2017 tax returns (all pages)
  2. 2016 & 2017 w2's
  3. 2016 & 2017 1099's
  4. 2 most recent paystubs dated within the last 30 days 
  5. Last 2 months of bank statements (all pages)
  6. Most recent 401k Statement (all pages)
  7. Bankruptcy papers (all pages)
  8. Divorce Decree (all pages)
  9. Separation Agreement (all pages)
  10. Child support enforcement order
  11. If you receive child support, proof that it has been received for the last 12 consecutive months
  12. If you are on an income tax repayment plan, all pages on the plan and proof that all payments have been made on time
  13. Most recent monthly mortgage statements and copies of homeowners insurance on all homes
  14. Copies of rental agreements on all rental properties owned
  15. Pension Awards Letter
  16. Social Security Awards Letter
  17. If self-employed, provide a year-to-date profit & loss for the business
  18. If you own more than 25% of a corporation, 2016 & 2017 1120's or 1120S's (all pages)
  19. Valid driver's licenses or ID's or Visa's
  20. If you ever had a foreclosure or a home put into a bankruptcy, be sure to provide the address and sale date of the home to the loan officer (if the home never sold or you are not sure, look up the information and provide it to the loan officer)
  21. Do not deposit cash during the transaction and do not buy anything out of your normal spending habits during the transaction and do not let anyone else pull your credit during the transaction and don't change jobs during the transaction!!!
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