• The Garcia Team

What's The First Step In Preparing For the Home Buying Process


First you’ll want to take a look at your current financial situation, and see where you need to make preparations. Examine your monthly income and expenses, check out your savings account, and take a peek at your credit report. Also, do you already have enough for a down payment? Down payments can range from 3% to 20% of the loan amount, so make a plan and set a time frame to save for this. Here are some of the other costs to consider when buying a home:

• Title and Escrow fees

• Appraisal fee

• Home inspection fee

• Home insurance

• Lender fees

• Mortgage points

• Other various fees

In some cases, private mortgage insurance or mortgage insurance premium. Note that you may not have to pay all of the fees, sometimes the seller will pay, the lender may cover it, or you may pay in advance and receive a refund later. TAKE A PEEK AT YOUR CREDIT REPORT, if it’s been a while since you’ve last seen it, it’s a good idea to check your credit report with the 3 credit bureaus: Equifax, Experian, and TransUnion. Your loan officer will factor in your credit score when determining how much you are qualified to borrow. The insurance agent will consider your credit history as well. It’s in your best interest to clear up any errors that may appear on your credit reports as soon as possible.