Monday, October 15, 2012

Mortgage Checklist

Thinking of buying a new home? Review this mortgage checklist first:

1. What is your mortgage limit?

  • List all your expenses in your current budget. 
  • Estimate potential homeowner expenses and include them in your budget. 
  • Estimate your monthly payments using an online mortgage calculator. 
  • Calculate your debt to income ratio to determine your mortgage limit. 
  • Decide on how much of a down payment you will make. 
2. Check your credit. 
3. Determine the type of loan that works best for you. 
4. Choose a lender. A lender is critical to the cost and success of your home purchase. 
5. Get pre-approved. Get a Good Faith Estimate of fees as a part of your pre-approval. You will have to supply the following:
  • Paycheck stubs in the last 30 days
  • W2 tax return 
  • Recent credit card statements
  • Bank statements in the last 90 days
6. Lock in your interest rates
7. Bring all documentation to closing

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