Fifth Begin taking a portion
of your monthly income and set it aside for the down
payment once your credit card debt is paid off.
Dont try to invest the money to get a better return
just save for now without the risk.
Sixth on your list is to stay away
from big ticket item purchases at least 6 months prior
to your mortgage application. Lenders will wan to
see how you handle a mortgage and they may be reluctant
to add several hundred dollars to your monthly
expenses.
Seventh and eighth get
pre-approved for your mortgage on a home you can afford
not pre-qualified. You dont want to strain your
budget and you want to be sure of exactly how much house
you can afford.
The last two nine and ten are
all about responsibility. Make sure your loan type
fits your lifestyle. If you want extra cash, then
get a 30-year loan even if you could manage a 15-year
loan with a bit of a strain. And never ever
default on your mortgage it can be financial
suicide.
Disclaimer: The information
provided in this site is not legal advice, but general
information on financial issues commonly encountered. We
shall not be liable for any errors in the content or for
any actions taken in reliance thereon. Please consult
your financial
advisor.
