BUYING YOUR NEW HOME
Gather Financials and Figure Out How Much You Can Afford
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Before you start looking at homes for sale, get your financial house in order. First, request your credit report from all three bureaus (Equifax, Experian, and TransUnion). Comb through each report to ensure it’s accurate — and fix any errors you spot!
Next, compile all the documents you may need to provide to a loan officer, including pay stubs, bank statements, and previous years’ tax returns.
Financials and Mortgage Payment
Request your credit report from all 3 credit bureaus (Equifax, Experian, and TransUnion). Fix any errors you spot!
Compile necessary documents, including pay stubs, bank statements, and past tax returns.
Determine how much of a payment you are comfortable with. Don’t forget you will have taxes and insurance on top of your base mortgage payment!
You can calculate how much you can afford by starting online. There are several online mortgage calculators that will help you calculate an affordable monthly mortgage payment. Don't forget to factor in money you'll need for a down payment, closing costs, fees (such as settlement fees, transfer taxes, lender fees & prepayables plus out of pocket fees, ie appraisal, inspection, etc.) and the costs of remodeling or furniture. Remember that you don't always have to put down 20 percent as your parents once did. There are loans available with little to no down payment. An experienced home loan expert can help you understand all your loan options, closing costs and other fees.
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