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So Your Ready or Getting Ready to Buy a Home. Congratulations!

Know What’s on Your Credit Report

Improve your credit score and credit report, if you can, for the best possible rate and loan options. How can you strengthen your credit score? 1) Get free copies of your credit reports and dispute any errors. 2)  Pay all of your bills on time and keep credit card balances low, Avoid opening new cards. 3) Keep current credit cards open.

 

Set a Budget

Decide how much you can afford and what you are comfortable paying every month for mortgage payments. Start Saving Early: Here are the main costs to consider when saving for a home: Down Payment: This will depend on the type of mortgage you choose and the lender. Some conventional loans aimed at first-time home buyers with excellent credit allow as little as 3% down. Closing costs: These are the fees and expenses you pay to finalize your mortgage, and they typically range from 2% to 5% of the loan amount. Move-in expenses: You’ll need some cash after the home purchase. Set some money aside for moving costs, immediate home repairs, upgrades, and furnishings. Flexible funds: It’s good to have wiggle room budgeted out. You may need to increase your offer, cover the appraisal gap, or want piece of mind so you know there’s money left after all is said and done.

 

Choose a Realtor

A Realtor can help you scout neighborhoods and homes, schedule tours, negotiate, draw up contracts and more. Your realtor will help you navigate the market and guide you in marking smart, informed decisions. Choose a lender and explore different mortgage options – A variety of mortgages are available Conventional mortgages, FHA (Federal Housing Administration), USDA (Department of Agriculture), VA (Department of Veterans Affairs)

 

Get Preapproval letter!

 

A mortgage preapproval is a lender’s offer to loan you a certain amount under specific terms. Having a preapproval letter shows home sellers and real estate agents that your serious buyer and can give you an edge over home shoppers who haven’t taken this step yet.