Before looking at houses, you must understand what you can actually afford.
: Follow the 3-3-3 rule —have three months of living expenses saved and three months of mortgage payments in reserve. 2. Do Your Homework on the Market
You don't have to do this alone; having experts in your corner is vital.
: A pre-approval letter shows sellers you are a serious buyer and have already arranged financing.
: W-2s from the last two years and recent pay stubs. Tax Returns : Federal returns for the past two years.
: Last two to three months for all checking, savings, and investment accounts. Identification : A valid government-issued ID.
: Shop around and compare rates from at least three different financial institutions to find the best loan terms. Preparation Checklist: Documents You'll Need
Preparing to buy your first home is a marathon, not a sprint. To set yourself up for success, you need to focus on financial stability, market research, and assembling a professional team.
