The home buying process can be a little stressful, so take a look at these 5 tips for a first time homebuyer to help you prepare.
1. Start saving early and check your credit
Check your credit score before starting your search for a home, and do your best to dispute any discrepancies and take care of any outstanding debt as soon as possible.
2. Figure out how much house you can afford
Play around with a mortgage affordability calculator to figure out what you can afford based on your income now.
3. Explore your down payment and closing cost options
It’s a good idea to consider your two options here: pay them yourself or have the seller pay them for you.
4. Shop around for the best mortgage rates
Gather mortgage rate quotes from at least three lenders before deciding which one fits your budget and your needs best.
5. Get pre-approved
Before heading out to find your dream home, take the time to get a pre-approval letter from a lender that states how much they are willing to lend you and at what terms.
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