Buying your first home is a huge and often intimidating step. How to start? The Independent Community Bankers of America (ICBA) offers this advice:
- Talk with your bank to understand how much house you comfortably can afford.
- Pull together your financial paperwork and documents.
- Know your monthly income, budget, and regular expenses.
- Check your credit report.
- Keep your spending under control.
- Talk with a lender about how much you could borrow and which mortgage types might be best for you.
- Know the current mortgage rates; ask a lender what the rates mean for mortgage payments.
- Look into programs offered by federal, state, county, and city government agencies to help first-time homebuyers with down payments and closing costs.
For more details, read HousingWire's article, "8 Steps to Take Before Buying Your First Home".
Learn more about buying a home and what you can afford comfortably on MyHome.FreddieMac.com.
Want to receive our weekly blog round up? Subscribe at the right – and each Friday we'll send you our latest blog posts.
Have a comment or question about this post? Email us to let us know what's on your mind.