Know how much you can afford
Keep in mind that qualifying for a loan amount doesn’t necessarily mean you can afford the payments in the long run. You can see how it fits your budget by testing it out in your budget for a few months! Transfer the amount into your savings – and bank the difference for your future down payment.
Check your credit score
Lenders will decide whether to give you a loan and how much interest they will charge based on your credit score, among other things. Review your credit report for accuracy and to uncover clues to help improve your score. Check your credit report at annualcreditreport.com.
Before diving into house hunting, it’s smart to prioritize what you want in a home and get your finances in order. Doing so can ultimately help you find the best home and financing options for you.