2007-05-10 15:56:43 · 6 answers · asked by The Great 1 1 in Business & Finance ➔ Renting & Real Estate
1)Call around to different mortgage brokers to find out what the lowest interest rate is in your area. You can try local banks, but usually you get cheaper rates through mortgage brokers.
2)Figure out how much you can afford to spend, monthly, for the house.
3)Run and credit check and see if there are any outstanding bills you need to take care.
4)Do you have the 20% downpayment? If not, ask your realtor about the 80/20 loan. You'll avoid paying high PMI (private mortgage insurance) fees.
5)Make sure you have the house inspected, of course, before buying.
6)Have you done your tax returns for the last three years? You'll need copies of those to apply for a loan.
2007-05-10 16:03:30 · answer #1 · answered by Fool in the Rain 6 · 0⤊ 0⤋
If you have been at your job for at least two years, and have good credit pick a few lenders and apply for a "prequalification". Once you receive your prequalification letter you know how much you can afford and what the bank is willing to borrow to you. There are ALOT of first-time homebuyer programs, some requiring nothing down, and some even finance 110% of your mortgage, giving you a little extra cash. First step, get those prequalification letters so you arent looking for houses outside your price range.
2007-05-10 16:09:12 · answer #2 · answered by rmkenterprise 3 · 0⤊ 0⤋
The very first and most important thing to do is get a copy of your credit report. If you find any errors get them corrected fast! Then before your apply get another report to see if any mistakes have been removed. Wish you well.
2007-05-10 16:07:55 · answer #3 · answered by JR 5 · 0⤊ 0⤋
Have home owners insurance or make sure you get it when the loan goes through
Have last two years income tax statements
If taking the mortage out to consolidate bills-have copies of bills that you want to pay off
Have last 4 pay stubs
2007-05-10 16:01:58 · answer #4 · answered by Paige Turner 3 · 0⤊ 0⤋
i like your sun glasses really classy. any who
good credit, job references, credit references, family and friends references too
Good luck enjoy your new home.
2007-05-10 16:01:47 · answer #5 · answered by none 4 · 0⤊ 1⤋
Theres tips n resources from this site, hope you find useful
http://www.mortgageloan.nmaskuri.com
2007-05-10 16:17:10 · answer #6 · answered by Nora 3 · 0⤊ 3⤋