New Home Mortgage: Tips to Consider Before You Apply

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Is a new home purchase on your horizon? Here are a few tips you'll want to keep in mind to make the process easy and enjoyable:

Improve your credit score. Review your credit report for errors, make your payments on time and don't take on any new debt during the mortgage application process.

Pre-qualify for your loan early in your house hunting process. If you have your financing lined up you will know the price range to target and you will be able to make a stronger offer to the seller.

Remember the old adage, "location, location, location". Work with an experienced Realtor to choose your desired neighborhoods based on school zoning, convenience to shopping centers, parks and other value-adding features of the surrounding area. Then target homes in those neighborhoods and have your agent help you to determine an appropriate offer price.

Buy a little less house than you can afford. You don't want to get into your dream home and then have to stress about making payments if you run into a little bad luck. Lean on the conservative side and have some funds left over to decorate your home or stash away for a rainy day.

Understand all the fees associated with owning your new home before you buy. Is your home part of a homeowners association (HOA)? How much are the HOA fees and what amenities are included? What are your annual property taxes? Will the roof or mechanical systems need to be replaced in the next few years?

Identify a few homes that will be a good fit. Have a backup plan in case your offer isn't accepted or the loan doesn't go through.

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Education

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