SAVINGS & DEBT
Since you’re thinking of buying a home, you’ll want to accumulate funds towards your down payment, closing costs (appraisal, miscellaneous fees, escrow, title insurance, etc.) and expenses such as inspections.

It’s also a good idea to try and pay down any large debts you have … like credit cars .. before you apply for a mortgage.

NOW IS NOT THE TIME …
…to change careers, move your money around, or buy big ticket items like cars, furniture and appliances.  Wait until you’ve closed on your new home before you make these purchases. Lenders like stability. So if you’re considering any major changes, it pays to meet with a lender and ask them how to proceed before you make any changes!

Also, if you apply for a credit card, the company will obtain a credit report … after 3 of these credit checks in a 30-day period, your credit score is reduced!  So, don’t apply for more than 3 credit cards in any 30-day period prior to closing on your home.

MOST IMPORTANT:  INTERVIEW LENDERS & GET YOUR PRE-APPROVAL

When you make an offer on a house, you need to have a pre-approval attached.    When you find your dream home, you want to be ready to go. With most reputable lenders, getting a pre-approval takes about 1 hour.  So, don’t put it off.

GATHER YOUR DOCUMENTS

Lenders will want up-to-date documents to support your income and asset claims — so put the following in a folder

• 2 years of Income Tax Returns
• 2 months of weekly, bi-weekly, or monthly pay stubs
• Statement of Asset for stocks, bonds, IRA, 401k

Email me if you’d like the contact info for some great lender reps!