Before You Buy Finances

Before Buying a Home, Get Your Finances In Order

Line up your financing, set aside a down payment and study the loan programs available. By doing your homework, you will know exactly how much you can pay and what it will cost you.

* Order a Free Credit Report.
Give yourself time to clean up a credit report that contains mistakes. Dispute errors. Try to reduce your monthly debt obligations now by paying down those loan balances.

* Find a Lender.
Check out places to get a mortgage and compare rates and fees. Start with your own financial institution, then interview a few mortgage brokers and choose a loan product you completely understand.

* Determine a Down Payment.
The more you put down, the lower your monthly mortgage payment. Here are 12 places to find a down payment.

* Consider FHA Loans.
FHA loans carry competitive interest rates, come with minimum down payment requirements and allow sellers to pay some or all of your closing costs.

* Get a Preapproval Letter.
Showing the seller you are already preapproved for a loan gives you an edge during offer negotiation.

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