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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