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June 24, 2015

Get Ready, Set Before Going to Shop for Your First Home

Homeownership

Get Ready, Set Before Buying First Home

Buying your first home is a huge and often intimidating step. How to start? The Independent Community Bankers of America (ICBA) offers this advice:

  1. Talk with your bank to understand how much house you comfortably can afford.
  2. Pull together your financial paperwork and documents.
  3. Know your monthly income, budget, and regular expenses.
  4. Check your credit report.
  5. Keep your spending under control.
  6. Talk with a lender about how much you could borrow and which mortgage types might be best for you.
  7. Know the current mortgage rates; ask a lender what the rates mean for mortgage payments.
  8. 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.

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