Home-Buying Checklist | Simplify the Process
While you’re picking out your dream home, we’ve done the heavy lifting by creating the ultimate home-buying checklist. Follow these steps to simplify your home-buying process.
- Positive pay history is important!
- Establish a credit history that includes at least three credit accounts that have been open for at least 12 months.
- Save funds for your down-payment and closing costs.
- Our minimum down-payment requirement is 5%. Closing costs would be in addition to the required down-payment amount. Sellers may assist with closing costs up to 3%.
- Remember your income is closely reviewed as well as two years' worth of work.
- Income may include social security benefits, monthly pension, alimony/child support, military benefit, or income from investments. Any income received from a bonus, commissions or part time employment can be included if received for two years. Job time can include dates of schooling and education for students. Self-employed borrowers are also eligible with a two-year history of income received from the business documented by two years of personal and business tax returns.
- Check rates online for current interest rates and pricing.
- Don’t forget to factor in things like local service, ease of process and relationship with the lender in making your final decision.
- Get a personalized quote online to check rates, review different term and payment options as well as total amount of down-payment and estimated closing costs.
- Check out mortgage calculators to calculate things like a mortgage payment or figure your debt-to-income ratio.
- Speak to a mortgage loan advisor.
- Contact a realtor to seek any property advice.