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Buying a home in 10 steps February 15, Start with your credit. Credit reports are kept by the three major credit agencies, Experian, Equifax, and TransUnion. They show whether you are habitually late with payments and whether you have run into serious credit problems in the past. A credit score is a number calculated from a formula created by Fair Isaac based on the information in your credit report.
It's not unusual to have a different score at each agency.
A low credit score may hurt your chances for getting the best interest rate, or getting financing at all. So get a copy of your reports and know your credit scores.
You can get a free copy of your credit report from each agency every 12 months. You can request a copy here.
Errors are common on the reports. If you find any, contact the agencies directly to correct them, which can take two or three months to resolve. If the report is accurate but shows past problems, be prepared to explain them to a loan officer. Next, you need to determine how much house you can afford.
You can start with an online calculator. For a more accurate figure, ask to be pre-approved by a lender, who will look at your income, debt and credit to determine a loan you can afford. The rule of thumb is to aim for a home that costs about two-and-a-half times your gross annual salary.
If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower. Another general rule of thumb: The size of your down payment will also determine how much you can afford.
You'll need to come up with cash for your down payment and closing costs.
If you can put down more than that, the lender may be willing to approve a larger loan. If you have less, you'll need to find loans that can accommodate you.
Various private and public agencies -- including Fannie MaeFreddie Macthe Federal Housing Administrationand the Department of Veterans Affairs -- provide low down payment mortgages through banks and mortgage companies. PMI adds about 0. Once you've considered the down payment, make sure you've got enough to cover fees and closing costs.Things to Buy After Buying a Home You probably have not thought about all the items you will need to buy for a new house that you did not need in an apartment.
This news comes as a shock to many first-time home buyers. Major cities where home prices are plummeting Believe it or not, housing is actually becoming more affordable in a variety of major cities across the U.S.
New home buyers don't want a used house when only new home construction will do. They don't want to inherit somebody else's worn carpeting, personal taste in kitchen appliances or look at some kid's initials scrawled into once-wet cement that they didn't put there.
The home must be brand spankin. Avocados may be the reason why some young people can't afford a house, according to Australian millionaire.
Jan 27, · Celebrities, athletes, pundits and politicians are buying millions of fake followers. A new home may seem appealing, with all its customizable features fresh from the manufacturer, but there are some solid reasons why buying an June 26, Posts navigation.