Home Purchase Guide

1. Check Your Credit Report And Credit Score.
You should request a copy of your credit report and your credit score before you even begin the process of looking for a home. Knowing what is exactly on your credit report before you apply is a must. That way you will learn of any problems that might arise and this gives you time so you can be resolve them earlier or straighten out any inaccuracies before applying. To check your credit for FREE click here.

2. Determine How Much Of A Mortgage You Can Afford.
Determining how much of a mortgage you can afford is very important to find out before you start shopping for a new home. That way you will know an estimated figure of the amount you can spend, so you aren't looking at homes that you can't afford. Use our free Mortgage Affordability Calculator or our Mortgage Payment Calculator to get started.

3. Determine Which Type Of Mortgage Is Right For You And Pre-Qualify.
Making sure that you are getting the right type of mortgage loan is very important. There are a lot of advantages & disadvantages to every type of mortgage loan. Please visit Home Mortgage Loans to compare the types of mortgage loans before applying. After you decide on which loan best suits your needs get pre-qualified for your mortgage.

4. Determine What Closing Costs Will Be.
Closing costs are collected by the lender but are paid to various organizations from the lender to the government to the mortgage broker, if you use a mortgage broker instead of a direct lender. These expenses vary from state to state but often add up to between 3 and 7 percent of the amount of money borrowed. Visit our Closing Costs Guide to determine what make up your closing costs and when the closing cost will be paid.

5. When Making An Offer Know The Best Way To Negotiate And Win The Bidding War.
When placing a bid on a home, sellers don't always take the highest bid. Offer the seller the cleanest buy offer. The offer with the fewest contingencies such as selling your current home first is most likely to win the bid. Befriend the seller. People often want to do business with people they like. Last, but not least, get pre-qualified for a loan first. A letter from a lender saying you are pre-qualified for a loan will show sellers you can afford the home and you are ready to buy.