First-Time Home Buyer's Checklist
Make sure you're (really) ready
You have a stable job. You can see yourself living in the same town for the next 5-10 years You're prepared for the extra work that comes with homeownership
Create your home wish list
Determine what's most important to have right now- ex: location, # of bedrooms, a yard Check out the different neighborhoods, home styles and listing online to get a feel for what's most important to you.
Figure out what you can afford
Request your credit report from all threes credit bureaus- fix any errors right away Determine a down payment amount (ideally 20% to avoid paying private mortgage insurance) Calculate how much you'll need in an emergency fund for unexpected maintenance or repair costs.
Gather the necessary documents
Collect proof of employment, including pay stubs and past tax returns Print out bank and investment account statements from the past 90 days Compile your previous addresses and current landlord's contact information
Research mortgages
Request quotes form multiple lenders and comparison shop for loans Get pre-qualified for a loan Obtain a pre-approval letter
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