From Apartment to House in One Year
A home may be the biggest purchase you’ll ever make, and now is a great time to buy in the
Figure out how much you can afford. Write down all of your monthly expenses including rent and compare it to your monthly income. How much can you realistically add to your current rent payment before it gets uncomfortable? That will determine your price range when shopping for a home. Keep in mind that a home comes with added expenses, like higher utility bills and routine maintenance costs. Mortgage payments also include loan interest and property taxes. If you don’t have money for a down payment, start putting money aside today. Most lenders require some type of down payment.
Check Your Credit
Your credit history helps lenders determine whether or not you’re likely to pay back your loan. Bad credit will disqualify you for a mortgage loan or may qualify you at an extremely high interest rate. Get your free credit report from https://www.annualcreditreport.com/cra/index.jsp, and dispute incorrect items. If your report is full of late payments and delinquencies or other obvious problems, seek help from a service like Consumer Credit Counseling Service of Greater Dallas.
Pre-Qualify
A Pre-Application helps you know what size mortgage you qualify for and offers faster processing than a full application, so you can start searching for a house now. Complete our form here. Start gathering paperwork now to complete your full application later on.
Shop
It’s a buyer’s market. You can find super deals on new and existing homes right now. Hot On Homes DFW is an excellent source for finding new home communities and builder specials like quick move-ins, closeout inventory, grand opening specials and more. In addition to its website, there’s a television show that airs every Sunday at 10:30 a.m. on Channel 8. Realtors have access to all kinds of information on existing homes for sale, including foreclosures. Remember to shop in the price range determined by your pre-application.
Application and Closing
Complete your full application as quickly as possible after finding your home to allow time for loan processing. Lenders frequently ask for additional information throughout the process. When you have an idea of the date your loan will close, consider locking your interest rate. Mortgage rates fluctuate daily and even ¼ percent makes a big difference.
Call the Movers and Turn on the Lights
Ask friends about reputable movers and schedule a moving date. Remember to establish utility services in your new home so they’re working before you move in (electric, gas, water, trash, internet, etc.).
Best of all…Welcome Home!
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