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Saturday, October 21, 2017  
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What should buyers be prepared for when applying for a loan?

Scott Bilker Scott Bilker is the founder of DebtSmart.com and author of the best-selling books, Talk Your Way Out of Credit Card DebtCredit Card and Debt Management, and How to be more Credit Card and Debt Smart. Receive the 5-Year Loan Spreadsheet when you subscribe to his email newsletter.

I am quoted in Trulia’s Mortgage 101 round up! Check out my advice to first-time homebuyers, and other common questions explained.

What should buyers be prepared for when applying for a loan?

“There are a few things to get squared away before applying for a loan:

1. Cash for a down payment.
Save money/acquire money for a down payment and closing costs.

2. A good working knowledge of your personal finances.
Create a budget of your future expenses, as if you own the house, and make sure you can afford it. A good rule of thumb is that your mortgage should not exceed 30% of your take-home income.

3. A general idea of the price range of homes you are interested in.
Research potential homes through a local Realtor or at Trulia.com. Compare by looking at real estate taxes, neighborhood statistics, and other criteria. Take your time! Your house may be the largest purchase in your life.”

This entry was posted in Mortgages. Bookmark the permalink. Read more articles by Scott Bilker. (Also see articles by all authors and articles in all categories.)



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