The 10 Most Unanswered Questions about

August 9, 2019

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First Time Homeowner Checklist

The first thing is to review your credit score. Start by finding what your credit score is because it is what lender uses to determine if you are worth the risk. You find that the higher the credit score, the better the interest rates. For that matter, you should try and boost your credit score if it is poor.

Secondly, you should determine what you can afford. There are many online calculators that can show you monthly mortgage payments. Apart from that, you should also not forget the expenses that come with homeownership. It is also essential to note that the bigger the down payment you have, the more home you can get. Read more here about homeowners grants that can help you secure funding.

In addition, you should gather your paperwork. This will require you to collect all the papers that you will need to secure a mortgage loan. This will require you to show your personal returns for the past 2-3 years, bank statements, proof of your address and identification and the recent pay stubs and credit card statements.

This should be followed by looking for a mortgage. Here you will have to compare different mortgage lenders so that you can find the one that suits you. Apart from that, you may also want to work with the mortgage broker who has access to many lenders, and they can show you several options.

Apart from that, you should get pre-approved. You find that once you get the right mortgage you should get pre-approved for a certain mortgage loan amount. This is vital because it shows that the lender has checked up on you and is willing to loan your amount. For that matter, the sellers will be in a position to know that you are able to buy the house.

Besides, you should choose a realtor. You can start by asking your family and friends for referrals on real estate agents, or you can choose the agent that has lots of solid listings. After which you should give the agent every single detail on the house that you want so that they can know what to look for. Your agent will send you the listings, and you should browse the listings online and in person to see the fine print.

Besides, you should put an offer. After finding the house you want to place your offer and if the offer is accepted, then it is time to go, and you should start packing.