PREPARING YOUR
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EVALUATE YOUR FINANCIAL HEALTH Review your income, expenses, and overall financial situation. Calculate your debt-to-income ratio (DTI) to assess your ability to handle mortgage payments. ESTABLISH A BUDGET Create a comprehensive budget that includes your monthly income, expenses, and savings goals. Identify areas where you can cut expenses to save more for the down payment and closing costs. Obtain a copy of your credit report and check your credit score. Address any errors on your credit report and take steps to improve your credit score if necessary. CHECK YOUR CREDIT SCORE SAVE FOR DOWN PAYMENT Determine the amount you need for a down payment based on the type of mortgage you're seeking. Start saving early and consider setting up a separate savings account for your home purchase. Research different types of mortgages and loan programs. Get pre-approved for a mortgage to understand how much you can afford and to strengthen your position when making an offer. plates you can use for this. EXPLORE MORTGAGE OPTIONS UNDERSTAND CLOSING COSTS Familiarize yourself with the closing costs associated with buying a home. Budget for additional expenses such as home inspections, appraisals, and legal fees. RESEARCH HOME PRICES & MARKETS Research the real estate market in the area where you want to buy. Understand the current home prices, market trends, and potential future developments.
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