You’ve been daydreaming of a new home. You’ve spent hours online perusing the latest listings. And you’ve decided you’re ready to make the big move. But have you taken the time to financially prepare for this major undertaking? We’ll help you get ready and set to shop with a list of must-do steps.
Get your credit in shape
Check your credit report — it’s free once every 12 months through AnnualCreditReport.com. Work with the credit bureaus to correct any errors. Avoid taking any major credit action — large purchases, opening or closing accounts — before you sign the new home loan.
Understand your finances
Compile a complete picture of your savings, income and expenses, including any debt you may already have. This information can help you pinpoint just how much you can afford to spend on your monthly home loan payments. Plus, you’ll be able to clearly see how much you have available for a down payment. If you can bulk up that down payment fund or reduce your debt, it might help when qualifying for a home loan.
Know the costs of homeownership
If this is your first home, realize that you’ll now be responsible for certain costs a landlord might once have covered, such as repairs and utilities. Also remember that your home loan payments will include not only paying back principal and interest, but also home insurance and property taxes.
While preapproval is not a commitment to lend you a certain amount, it can give you an edge with sellers by showing them you’re serious about purchasing and are likely to qualify for a certain loan amount. Contact us to learn more about preapprovals. See a list of items you’ll want to have handy. You can also ask us about our Security Plus Seller Guarantee,™ which provides a fully-approved loan amount.
Learn about home loans
Do you want an adjustable or fixed rate? Do you have special circumstances that could make you eligible for reduced requirements? Do you have a small down payment — or a large budget? Contact us for an overview of our home loans, and talk with us to answer any questions. We offer help in determining which options are best suited to your unique needs. Contact us at 1-800-376-4603 or firstname.lastname@example.org. Our Advantage Home Plus financing staff works with our preferred lender, Evergreen Home Loans, and are available to get you started in reaching your homeownership goals.