Whether you’re a novice or an expert when it comes to home buying, there’s always a checklist that should be reviewed before the big decision. Skim over the below tips to be sure you’re prepared for the buy.
We might sound like a broken record, but, credit score, credit score, credit score!
The higher your credit score, the more likely you are to become preapproved. Not to mention, your total down and monthly payments will be lower with a higher credit score. When credit scores are too low, a higher down payment and other fees may apply. You can improve your home-buying chances by requesting your credit reports and verifying all the information.
How much house is too much house?
In your new home, you’ll not only want to be physically comfortable, but financially comfy as well. Check out our calculators to find out how much home you can afford and which type of financing is right for you. Play around with different calculators to learn the differences and benefits of FHA, conventional and jumbo loans as well!
A penny saved is a penny earned.
Generally, you’ll want to have saved enough to put down anywhere from 3.5%–20% of the home you want to buy. Start saving your money and stop applying for credit about a year before your apply for financing. Take into account any maintenance and repair you plan – or don’t plan – on paying for when you move in to your new home.