1. Are you ready to settle down?
Consider the longevity of your job, your personal life and the responsibilities involved in home ownership. Evaluate your current life stage before undertaking the financial and emotional move into your own home.
2. Is your credit history good?
This is key to getting a good mortgage. Get your free annual credit report at www.annualcreditreport.com, and comb through it for errors and unresolved issues.
3. Do you have all your documents ready?
Reduce stress later by collecting your paperwork now, including pay stubs, financial statements, W-2s, tax returns for the past two years and names and addresses of your landlords for the past two years.
4. Are you preapproved?
Getting preapproved not only saves you time in your house hunting process, but it also makes you a “preferred buyer” in the eyes of a seller since you already have your financing locked in.
5. Have you looked at the houses that are available?
Do your research and talk to reputable Realtors in your area about the real estate climate. Of course, there are commissions that realtors earn, but their insight can be a huge advantage.
6. Do you know how a mortgage will impact your budget?
Use a mortgage calculator or speak to one of our loan officers and crunch the numbers. Consider what your total monthly payments will be, including taxes and insurance, but don’t forget about closing costs and home maintenance expenses.
