Here are a few important things to consider when making
this major life decision:
Understand your finances.
• Talk to a professional loan advisor about your assets, debts, and
credit history to see if you prequalify for a mortgage.
Get your paperwork in line.
• Your lender will require a lot of personal information to build your
loan. Start gathering recent tax returns, bank statements, and
pay stubs to be prepared.
Set aside your down payment.
• Depending on which loan product you’re applying for, you’ll
typically need to reserve 3% to 20% of the sale price for your
down payment. If you qualify, some loans allow you to purchase
with no money down or monetary gifts from your family.
Get preapproved.
• A preapproval from your lender will help you learn how much
you’ll be able to afford—plus reassure sellers that you’re ready to
make your move.
Find your new home.
• The cost of living depends on many factors. Make sure to factor
in your daily commute, shopping and recreation, and local school
systems.
Are you Ready?
