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.