Preparing for a home purchase

As you thumb through your local listings, be sure you understand the process of financing the perfect home for you. Here are some things to keep in mind as you embark on your home buying journey.

Get your finances in order

Before applying for a mortgage, it is important to closely examine your finances. Take a look at your credit reports and score. Your financial history plays an important role in your mortgage approval process, so you want to be sure there are no errors. Learn more about your FICO® Score and how it affects your finances so you can secure the best rates and conditions on your home loan.

Find the right agent

Real estate agents will provide you with the professional help you need. With their extensive knowledge of the home buying process and familiarity of the neighborhood, a real estate agent will be on your team to help you negotiate and seal the deal. Finding the right agent can be extremely valuable and help make the home buying process more manageable.

Crunch the numbers

Calculate and determine what you can afford in mortgage payments. Lenders usually recommend that potential homeowners filter out homes that will cost more than three to five times their gross household income. Visit our mortgage calculators to see how much you can afford.

Which financing option is right for you?

There are a variety of ways to finance your first home. One of the most common practices is to put up 20 percent of the purchase price upfront. This lets the seller know that you are a serious homebuyer and gives your greater financial flexibility over how much you can borrow. After the down payment, a mortgage usually covers the rest of the purchase price. There are different type of mortgages available, including fixed- and adjustable-rate mortgages, learn more about the types of home financing options.

Call one of our knowledgeable mortgage loan consultants at (888) 698-0000 to get started on your Home Loan! For more information on loan options, visit our Home Loan Center and learn more about the home-buying process today.

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