Lifestyle
Evaluate your current financial situation, including your income, expenses, and savings. Ensure that you have a stable source of income to afford the monthly mortgage payments.
A higher credit score increases your chances of qualifying for a loan with better terms and lower interest rates. Take steps to improve your credit score if necessary.
Aim for a 20% down payment to lower monthly mortgage payments and avoid private mortgage insurance costs.
Compare lender interest rates carefully, a slight difference affects monthly payments and loan costs. Decide between fixed or adjustable-rate mortgages based on financial goals.
Know loan terms, repayment schedule, and any penalties or fees. Align loan term with financial goals and payment ability.
Factor in extra homeownership costs like taxes, insurance, maintenance, and closing fees. Ensure they fit your budget beyond just mortgage payments