First Order of Business
CONGRATULATIONS - YOU"VE DECIDED TO PURCHASE - NOW WHAT? Whether this is your very first home, your twentieth or just a vacation get-away, there are several things you need to double check before you get started.
HOW MUCH HOME CAN YOU PURCHASE?: Experts recommend spending between 33% and 40% of your income on housing. If you're renting, you might be shocked when you add up what you've spent renting over the years. Click here to work through our rent vs. buy calculator.
LOAN PRE-APPROVAL: Getting pre-qualified for a home loan has many advantages. First, it let's you know how much home you can afford. It also gives you time to address any issues regarding your credit score. This gives you a head start when it comes time for loan commitment. When a Seller is presented with multiple offers it can make a difference if one Buyer is pre-approved. But most of all, knowing your price range gives you peace of mind knowing you can afford the homes you're looking at. Sooner or later you'll have to talk with someone about financing your dream home. Meeting with a loan officer before you start shopping is the BEST time.
DOWN PAYMENT: While there are many advantages to making a down payment, some loan programs allow you to buy your home with little or down payment. You should make an appointment with a loan officer to discuss your down payment options.