Buying a home has its challenges, and there are several things to sort out. You have to find a lender, pick the perfect house for your family, plus there’s the decision of whether to move yourself or hire Dallas movers. Fortunately, there are plenty of resources to guide you through the process.
If you’re thinking about buying a home, here are four steps to home ownership.
- Clean up your credit. Don’t apply for a loan without first reviewing your credit report. You will need a credit score of 680 or higher for a conventional loan, plus a low debt-to-income ratio. Always pay your bills on time and pay down credit cards.
- Start saving your money. The more cash you have in the bank, the better. Buying a house is not cheap. Not only do you have moving expenses, the lender will require a down payment plus closing costs.
- Save your financial documents. Most lenders require at least two years of financial information. This can include complete tax returns, income statements and bank statements.
- Get preapproved. Don’t skip the preapproval process. With this step, you learn if you even qualify for a home loan, and how much.
(Photo attributed to Flickr member @kolix via the Creative Commons license.)
Comments