Are you Ready to be a Homebuyer?
The following is a checklist to review and consider if you are planning on buying a new home, a second/vacation home, or are upgrading into a dream home.
Do some financial housekeeping.
- Ask yourself if your credit is in order
- Are you overextended on your credit
- Are you paying your rent or mortgage on time
- Are there any outstanding concerns about your credit
Organize Financial Documents
- Secure all financial documents when you apply for a loan
- Organize documents like divorce decrees and proof of child support payment
- Organize proof of income (W-2 wage statements, pay stubs, bank and investment, account statements)
- Organize other financial documents (Credit card statements, Car and other loan statements)
- Make copies of all your income tax returns
Craft a budget
These documents will help you consider what is affordable in terms of
- Down payment
- Monthly mortgage
- Property taxes
- Homeowners insurance
- Deposits and up front costs
- Settlement/Closing costs
- Financial Services and Repairs
Often, there is a difference between what the maximum payment a borrower can quality for, which can sometimes be surprisingly high, and what one is comfortable with. First-time buyers, in particular, usually need help from a REALTOR to figure out the bottom line.
Let the REALTORS of Commonwealth Real Estate Your Way, LLC., help.