Do you have the required cash for down payment and closing costs? Save at least $1000 to $2000 for closing costs on a first-home mortgage.
Do you have enough income to support your monthly payments, including the new house payment? You should be using less than 41 percent of your income for all your monthly payments.
Does your past credit history show any delinquencies or late payments?
You can get your credit report from any of the credit reporting agencies.
TransUnion Credit Services
1 (800) 888-4213
Equifax Credit Services
1 (800) 685-1111
Experian Credit Services
1 (800) 397-3742
Home-Buying Terms
Purchase Agreement: agreement between buyer and seller as to the purchase price of the home
Down Payment: cash difference between purchase price and loan
Credit Report: summary of all credit you have had for the past 10 years
Appraisal: report on the value of your house
Survey: shows boundaries of legal description and where buildings are situated
Homeowner's Insurance: insurance against theft, wind, fire and other damage to your house
Title Insurance: assures that the house is in your name and that there are no other debts or liens against it
