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5 Documents You Will Need to Buy A Home in Wilmington DE, Chester County or Delaware County PA

Thursday, February 18, 2016
by Katina Geralis

When it comes to buying a home in Wilmington, Delaware and the surrounding communities, many do not know what is actually involved. From how much of a down payment you need to your credit score, numerous would-be buyers hold off as they do not think they will qualify. 

But that shouldn't stop you this year as the KG Home Team will walk you through everything you need, including the factors mentioned above, and these 5 documents that will be necessary to move forward with your Wilmington DE, Chester County or Delaware County PA home purchase:

Recent paychecks
When determining your ability to take on a mortgage, your Delaware or Pennsylvania lender will want to see proof of income. In most cases, your last two pay stubs will do the trick! In others, they may want as much as two years worth, so be prepared!

Proof of debts
Lenders will also want to know how much you have in debt, including credit cards, student loans and car loans. Leaving any debts out can cause your approval to be delayed or worse, rejected.

Bank statements
Homebuyers are typically required to provide bank statements to their lender as part of the standard procedure. Lenders will check that all income and financial transfers were completed legally.

Pre-approval letter
We have stated in the past that a pre-approval can speed things along, especially when competing with other buyers for your dream home in Wilmington or Newark. This document details how much home you can afford and proves your buying power.

Proof of insurance
After you've put an offer on a home in Greater Wilmington, you will need to provide proof of homeowner's insurance. Printed copies of the policies will do as your lender will need to keep these on file.

Do not let your previous ideas about what is required to purchase a home hold you back this year! The KG Home Team is here to answer any questions you have and walk you through the process as seamlessly as possible! We even offer a FREE Homebuyer E-Guide!

Give us a call today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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Upgrade Your Wilmington, DE Home This Summer

Thursday, June 13, 2013
by Katina Geralis

Have you been thinking of purchasing a new home in Wilmington, DE? Recent real estate studies show now is a great time for Wilmington homebuyers to jump into the market— and purchase more expensive homes at that. According to a study by the National Association of Home Builders, Americans may be able to afford a higher-priced home if they buy newer properties. "Due to lower operating costs with new homes, buyers can purchase a newer home that is more expensive and still achieve the same annual operating costs as an older, existing home," the NAHB study found.

The NAHB study took into account how utility, maintenance, property tax, and insurance costs vary by the age of the home. According to the study, homes built prior to 1960 had an average maintenance cost of $564 per year, where homes built after 2008 had average maintenance costs of $241. Those homes built prior to 1960 have operating costs that average nearly 5 percent the home's total value as compared to the homes built after 2008 which had operating costs of less than 3 percent of the home's value.

NAHB Chairman Rick Judson stressed the importance of homebuyers looking beyond the initial sales price when considering whether to buy new construction or an existing home. “They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget.”

And while mortgage payments will naturally be greater with the higher purchase price of a newly-built home, "the lower operating costs mean the home buyer will have annual costs that are about the same as if they’d bought a lesser-priced, older home with a smaller mortgage payment and higher operating expenses,” the NAHB stated.

This news comes at a great time as seller confidence has begun to increase, allowing more housing inventory to open up and current homeowners to feel comfortable placing their properties up for sale. home buyers have recognized recently that buyer demand just simply cannot keep up with the limited inventory available and now, with more homes coming into the Wilmington, DE real estate market, home buyers will appreciate more choices should they choose to purchase either higher-priced new homes or existing properties.

Are a first-time homebuyer in Delaware or simply looking to find a new place to call home? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find you the best mortgage options for your new home. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter  

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