Are you ready to make renting a thing of the past and purchase your first home? If so, here are some tips from our friends at Raleigh Mortgage Group to lend a hand in preparing for financing a new home purchase.
Make sure your credit is in good shape!
Check your credit score
Excellent Credit: 750+
Good Credit: 700 – 749
Fair Credit: 650 – 699
Work to get your credit card balances below 40% of the limit
If you are currently renting, pay by check!
Having documented proof of your last 12-months of payments is often required by the lender
Obtain proof of employment for the past 2 years.
This may be done through W2s and tax returns
Paystubs covering 30-days
Avoid large deposits or withdrawals from your bank account leading up to and during the time you are purchasing your home
Work with your lender, banker, or financial adviser to determine a down payment amount based on your available funds
Obtain pre-approval from a Mortgage Professional
