The 4Step Financial Checkup To Get Ready For A Mortgage In 2018

Dated: February 6 2018

Views: 59

The 4-Step Financial Checkup to Get Ready for a Mortgage in 2018

The 4-Step Financial Checkup to Get Ready for a Mortgage in 2018Are you ready to join the ranks of homeowners in our local community? Congratulations – homeownership is a big step towards building your net worth and financial freedom. However, it is also a significant transaction that will affect your finances for the foreseeable future. Let’s take a look at a quick four-step checklist that will help you to get ready to buy a home with a mortgage in 2018.

Step 1: Set Up A Monthly Budget

It might sound a little basic, but the best first step is to commit to a monthly budget. After you buy a home using a mortgage, you will be responsible for making monthly payments for a period of time. The faster you get used to working inside of a budget, the better.

Your budget doesn’t have to be extravagant. Simply list your sources of income and your expenses. If you are spending more than you are making, you are going to need to cut back a bit.

Step 2: Start Setting Aside Your Down Payment

If you haven’t already, it is an excellent time to start gathering the funds necessary to make your down payment. This is the amount of cash that you put forward against the price of the home. The remainder of the purchase cost is covered by your mortgage, which you will pay off monthly in the future.

Note that the standard down payment amount is 20 percent of the home’s purchase price. If you have less than this available, you may be required to purchase mortgage insurance. But don’t let this deter you from starting the process now, especially if you have found the house that you want to buy.

Step 3: Check Your Credit Rating

Next, you will want to check your credit rating and FICO score to find out if you have any outstanding issues. You can access a free credit report from any of the major reporting agencies up to once per year, so be sure to take advantage.

Step 4: Meet With Your Mortgage Advisor

Last, but not least, you will want to schedule a meeting with your mortgage advisor. This is your opportunity to have all your mortgage-related questions answered by a professional who has your best interests in mind. If you decide that you are ready to move forward with buying a home, you can begin the pre-approval process at your convenience. We look forward to helping guide you down the path to buying your dream home!

For More Info Visit: http://www.bondstreetloans.com

Blog author image

Jessica Rojas

Jessica Rojas is an extremely dedicated and committed real estate agent who has been working in the Real Estate field since 1997. She became a licensed real estate agent in 2009 as a sales associate ....

Want to Advertise on this Site?

Latest Blog Posts

Selling Your Home These Easy Upgrades Can Up Your Curb Appeal

Curb appeal is extremely important when you’re selling a home—and it’s especially important now, in the midst of the pandemic, when the exterior of your home might be the only area

Read More

This Fall Cozy Is The New Black In Home Decor

Autumn is here! And while fall is always a cozy time, this year, coziness has officially emerged as one of the biggest interior design trends of the autumn season. A recent article

Read More

6 Lessons In Real Estate That Everyone Should Know

Lesson #1 A man is getting into the shower just as his wife is finishing up her shower, when the doorbell rings. The wife quickly wraps herself in a towel and runs downstairs. When she

Read More

Top Reasons To Sell Your Home During The Holidays

Between holiday travel, holiday parties, and hosting out-of-town guests, the holidays can be a busy time of year. And if you’re selling your home, you might be tempted to take your property

Read More