As we continue our discussion about personal finances, we are now going to address the greatset need for credit of all. The single largest purchase/investment most people will ever make is that of a home. A great deal of planning and preparation is required.
Knowing how much home you can afford is the first step. Visit with a mortgage professional to determine how much you can borrow. This will get you pre-approved for a specific amount. From that information you can shop for a home in the price range you already know is suitable for you. You will also have your mortgage in place. However, not all mortgages are created equal.
Beyond the question of credit worthiness, you need to ask questions about term length, interest rate, payment amount, and closing costs.
Don't be afraid to shop around for the best interest rates. There are many ways to do this. Mortgage brokers, and online sites are two very good ways to find good mortgage information.
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