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Buying a home in Ivyland? Along with the house of your dreams, you’ll no doubt be looking for the best mortgage for your budget. Here’s a quick checklist for getting a home mortgage.
Gather Your Paperwork
Be ready to prove your identity and income, and show your debts and assets. Get documents together at the beginning of your mortgage search.
Check Your Credit
Pull your credit report online and review every line. Dispute anything that’s reporting in error. In addition, keep your credit report clean by strictly paying your bills on time.
Talk to a Lender
Consider your options by speaking with a professional who can pull your credit and analyze your finances. Hopefully you’ll end up getting pre-approved, which is a huge benefit during negotiations with sellers.
Review your Finances
Look at your net income against your required monthly bills and your disposable income. Be realistic about what you find when you start to…
Set Your Budget
Decide in advance the amount you need to borrow for your home. Your budget helps determine the amount and the length of the mortgage loan that’s best for you.
Secure A Down Payment
Look at your savings and be aware of the amount you can pay down on your new home. If you don’t have much saved, try shaving some extra off your expenses and use it to pad your down payment. If you are getting money as a gift from parents, make sure to secure a “gift letter” so the lender will know you won’t be required to pay it back.
Living in Ivyland PA as a home owner means doing some advance planning. This checklist will guide you in making good decisions and being prepared for the responsibility of home ownership.