Home Buying Tips



Spring and Summer are prime time for house shopping.  Here are some financial  tips to consider during the process;

  1. Check your credit score– The homebuyer’s credit score is one of the most important factors in qualifying for a loan. Start tidying up your credit at least six months before you start shopping for a house.
  2. Evaluate assets and liabilities– So you don’t owe too much money and your payments are up to date. But how do you spend your money? Do you have a lot left over every month, or are you on a shoestring budget? A first-time homebuyer should have a solid idea of what is owed and what is coming in.
  3. Organize documents-When applying for a mortgage, homebuyers must have proof of income and taxes. Mortgage lenders typically request two recent pay stubs, W-2s from the previous two years, tax returns and bank statements from the past two months. Knowing which documents you need and where to find them can save time.
  4. Qualify yourself-As a first-time homebuyer, you should know already how much you can afford to spend before the mortgage lender tells you how much you qualify for. By calculating your debt to income ratio and factoring in a down payment, you will have a good idea of what you can afford, both upfront and monthly.
  5. Figure out your down payment-It takes effort to scrape together the down payment. There are programs that can offer financial assistance to help buyers qualify.

Good luck with your house shopping!



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