HOW TO GET READY TO BUY A HOUSE

If you’re getting ready to buy a house, there are five steps you need to take first. Bookmark this page and keep it on-hand as your new home buyer checklist.

STEP 1: CHECK YOUR CREDIT SCORE

As Trulia explains, a good credit score is like gold when you’re hoping to score a mortgage. If your credit score is good (740 and above), keep doing what you’re doing. If it’s lower than 740, start paying your bills on time and correct any errors on your credit report.

STEP 2: DECIDE WHAT YOU WANT IN A REALTOR

Buying a new home is one of life’s biggest purchases, so it’s important to ensure that you have the right team on your side. Look for a realtor with a good reputation for being timely and responsive to your unique needs.

STEP 3: GET PRE-APPROVED

Get preapproved for your mortgage to show sellers that you’ve serious about buying. Here are the documents you need:

  • Tax returns from the past two years
  • W-2 forms from the past two years
  • Pay stubs from the past three months
  • Proof of mortgage or rent payments for the past year
  • A list of debts
  • A list of assets

STEP 4: PUMP UP YOUR DOWN PAYMENT

If your down payment could use a little boost, try being extra frugal in the months leading up to purchasing your new home. Even small increases can go a long way.

STEP 5: GO SHOPPING FOR A MORTGAGE

Once you decide what kind of mortgage you want, there are several websites that will help you compare mortgage rates with the click of a button. It’s that easy.

Do you find yourself thinking, “I want to buy a house” often? You’re in luck, because there’s a qualified real estate team right in Madison that is ready to help. Call Cheng Real Estate Group at 608.957.2683 today—we can’t wait to help you find your dream home!