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Prep Steps for New Homebuyers by Cleo Gib
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Prep Steps for New Homebuyers |
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Real Estate
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Buying a home is more than just a purchase; it's huge financial and emotional commitment that takes careful planning and decision-making. If you are thinking of buying a home, here are a few simple steps to help you get started. Before you even begin, you need to determine if you will be eligible for a mortgage loan. With new mortgage restrictions, it's harder than ever to buy a home unless you meet a few certain guidelines. The first is typically employment. Most mortgage lenders prefer to see at least two years of prior and continuing employment in your current career. Good credit is also something that mortgage lenders will be looking for. It's not impossible to buy a home without good credit, just harder. You should also expect to pay down payment and closing costs. Though there are a few programs designed to help first time homebuyers out with these costs, it will be difficult to buy a home without some money for down payment especially with a conventional mortgage loan. Consumer debt is also something that mortgage lenders will look at. Lenders use ratios called debt to income ratios to determine how much of your monthly payments are going to debt. They will take this into consideration when determining whether or not to you are qualified for a mortgage loan. If all of these things are in order, the first step in buying a home is going to the lender and becoming pre-qualified. Then you can begin looking at Vernal, Utah real estate to find your perfect home.
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