New Orleans Real Estate – Home Buying Guide – Part 1

New Orleans Real Estate – Part 1 – Home Buying Guide – Financials

Welcome to the first part of my New Orleans Real Estate home buying series. Over the next few weeks I will be creating and posting my exclusive home buying series on New Orleans Real Estate. The series will take you from getting your financials in order to the very last and most exciting part…the closing! The whole point to is to give you enough information to make your home buying experience the best it can possibly be.

Part 1 – Getting your Financials Straight

Credit scores, tax returns, W2’s, bank statements, investment statements…these are all items that you will need to get a mortgage. The information provided within each of the items allows lenders better understand your financial situation and whether or not you can really afford to buy real estate in New Orleans.

The very first thing that I recommend to buyers is to get their financial house in order. It makes the process so much easier! Basically, find out what the typical lender requires and make copies (or be prepared to) to give to the lender (I can give you this information). This helps avoid any difficulties after you have found your dream house. Instead of running around trying to find your tax returns (or even having to file your taxes!) during your finance period, you will be able to provide your lender the required doc’s immediately and they get started processing your loan. Lending can be tricky these days, especially in New Orleans, but by having the documents readily available you can give your lender the most time possible for getting the job done on time! Once this is complete, you should contact a lender to get pre-approved for a loan. This not only looks very attractive to sellers, but it also helps you determine how much house you can afford.

Also, by gathering these documents beforehand, you will have a better understanding of your own financial picture. By fully understanding how much you can spend on monthly notes, bills, and other home expenses, you will be better prepared to search for houses.

Credit Scores – So important! Lenders base numerous things on your credit score. In the end, credit scores can really effect the type of mortgage that you will be able to obtain. Knowing your credit score better prepares you for the home buying process. In fact, if your credit score is poor, you may not be able to buy a house at all. Have no fear though, there are steps that you can take to improve your credit score.

Part 1 Summary – Get your financial house in order! Before anything else, get your documents ready, speak to a professional regarding mortgages and your pre-approval, and know your credit score.

New Orleans Real Estate Home Buying Guide:

Part 2: Buyer’s Agent

Part 3: Mortgage and Insurance

Part 4: Finding a Home

Part 5: Make and Offer

Part 6: Offer Strategy

Part 7: Inspections

Part 8: Closing

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You may also be interested in: New Orleans Real Estate – The Definitive Blog

This New Orleans real estate condo market report was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade’s Real Estate Profile.