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October
28
28
Your Financial Checklist for a Year-End Home Purchase
This year has flown by and will be over before we know it. Fortunately, there is still plenty of time to buy a home before the end of the year. You will, however, want to do some financial preparation before you start shopping. Keeping your finances in order helps ensure the rest of the home-buying process goes smoothly, saving you time in the long run. So, what financial tasks do you need to complete in order to buy a home this year? Our real estate agents are happy to provide this checklist.
- Gather Your Documents
When you apply for a mortgage, the lender typically requests several documents. These include your previous year's tax documents, bank statements for the past 2 - 3 months, several pay stubs, and documentation of your rental history.
If there are particular banks you're thinking of borrowing from, contact them for a list of the documents required as a part of a mortgage application. Then, gather all of the documents in one place. When the time comes to apply, you'll have a lot less scrambling to do. - Review Your Budget
How large of a mortgage payment are you able to afford? The best way to find out is to examine your monthly budget closely. List all of your other expenses and subtract them from your monthly pay. Then, subtract any discretionary spending and money you plan on saving from the amount. What's left should be roughly how much you can afford to pay for monthly housing costs.
Remember that housing costs include not only your mortgage but also utilities, property taxes, insurance premiums, and HOA fees. Once you know the monthly payment you're comfortable with, your real estate agent can help you work backward and determine how much house you can afford. - Avoid Opening New Accounts
If you want to buy a home by the end of the year, now is not the time to open a new credit card, take out a new car loan, or refinance your student loans.
When you apply for a mortgage, lenders will check your credit history, and this hard inquiry will temporarily bring down your credit score. You want your score to be as high as possible when you apply for a mortgage, so save those other big purchases for later. - Save for Your Down Payment
Hopefully, you already have some money saved for your down payment. There's still time to save more! If you're unsure how much you need, talk to your bank. If you qualify for an FHA loan, you may need as little as 3.5% of the purchase price. Many conventional loans require a 10% down payment. However, if possible, putting more money down is often to your advantage.
Look over your budget and see if you can make some cuts to save more for your down payment over the next month or two. - Save for Closing Costs
In addition to a down payment, you'll need money for closing costs. These costs include attorney's fees, local taxes, and other filing fees. A good guideline is to save 3% - 6% of the purchase price for closing costs. Your real estate agent or lender can give you a more specific amount based on your unique situation.
If you start financially preparing now, you could be in your perfect new home by the end of the year. Start with these steps, and don't hesitate to contact us if you're looking for an agent. We'll be happy to help you find the best South Bend homes for sale.
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