A Guide to Buying your First Home in Louisville

Making the switch from being a renter to being a homeowner is exciting! The process can be trickier than anticipated for inexperienced homebuyers. Here are some tips to help you prepare, so you can look forward to a new life your new Elite Built home in Louisville!

Get your financial ducks in a row!

  • Check your credit score. The three credit bureaus (Equifax, Experian, and TransUnion) are each required to give you a free credit report once a year. Avoid last-minute surprises by checking your score long before you make an offer. And work diligently to correct any mistakes.
  • Determine how much you can afford. Lenders are happy to lend you as much as your debt load allows. There are on-line calculators to help you determine what you can afford.
  • Make a down payment plan. Most conventional mortgages require a 20% down payment. When planning your saving strategy, remember that banks like to see that you’ve had stable funds in your account for 60 to 90 days before applying for a loan.

Start to think about what you really want in your new home!

  • Rank what you want most. What’s most important to you… An open floor plan? Proximity to work? You’ll be able to make a decision more easily if you know your priorities.
  • Begin researching our neighborhoods and visiting our open houses.Open houses are a great way to get an idea of what kind of Elite floorplans are in your price range and which neighborhood appeals to you.

It’s almost time!

  • Get your paperwork together. Banks are very particular about giving out mortgages. They require a lot of paperwork, including:
  • W-2 forms — or business tax return forms if self-employed — for the last two to three years
  • Personal tax returns for the past two to three years
  • Most recent pay stubs

…And even more! Collect these documents before you need them. It will make life so much easier.

  • Get pre-approved for your loan.Make an appointment with your lender or mortgage broker. Bring all your paperwork. He/she will run a credit check and tell you how much loan you’re approved for.
  • So many choices! Once you’ve found your dream home, the fun begins. You’ll meet with our team to make all necessary financial and design decisions. Now, you get to enjoy the process of watching your new home being built.
  • Get ready to move. Time to start packing, cleaning, sorting, arranging for school or doctor’s records to be transferred, filling out change of address forms, arranging for a moving van and for transportation of pets.

Closing & Moving Day!

  • Make sure all of your financial documents are in order before closing. Have a cashier’s check in the exact amount for closing.
  • Make sure everything is ready to go for the movers. Don’t waste their time and your money by making them wait around while you get your act together. Provide a list of things they might need: phone numbers, exact moving address and maps.
  • Plan ahead. Bring a moving day survival kit – Toilet paper, snacks, bottled water, dishes, toiletries, towels, a few days’ worth of clothes. In the new house, tape names to doors so movers know where boxes go. Bring a bottle of champagne / sparkling cider and some glasses to toast to your new home!

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Just like having a personal assistant, your Elite Homes Online Sales Counselor will quickly provide the answers you need about the new home building process.

Whether you are just beginning to consider building a new home or have been on the hunt for awhile, we are here to help in any way we can. Let us know how we can be of assistance.

Call (502) 289-1891 for immediate assistance.