Whether you’re a first-time home buyer or a current homeowner, these tips will help you stay on track throughout the process of getting your new home.
- Develop a monthly budget based on your income and expenses to decide what mortgage payment you can realistically afford.
- Check your credit report. Get your credit history in order before beginning the home buying process. Order your free credit report online each year from the three major credit bureaus, or call 1-877-322-8228. You can also write: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
- Know needs vs. wants. What features do you need in a new home versus what you want? It’s tempting to make an emotional decision, but you have to make a financial one that you can afford.
- Learn important mortgage terminology. Take time to learn important terms and understand their meaning. You can use our Mortgage Glossary to find the most commonly used mortgage terms.
- Learn about available mortgage packages. Let your mortgage lender help research what mortgage will work best for you and your situation.
- Be clear on the details. Are there additional costs, such as origination or application fees? What costs will be part of your mortgage or will need to be paid at closing?
- Get pre-approved. Know what you can afford and be prepared to seriously consider real estate options.
- Be an informed shopper. Visit as many homes as possible and decide on the house you are interested in based on your approved loan amount.
- Stay in touch. Work interactively with your mortgage lender to secure the loan for the home you want. Don’t hesitate to ask for help!
Are you ready to find a new place to call home? Start by calling a VCB Mortgage loan specialist at (703) 961-0160 (Option 0) or visit our VCB Mortgage web pages to learn more.