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6 Prerequisites for Buying a House

6 Prerequisites for Buying a House

March 5, 2022 By David Banks Leave a Comment

When you are looking to purchase a home, there are some things that you should really consider before you make the purchase. First, you must make sure you are ready to put down a sizable down payment for the home. Look at various interest rates for your loan. There are very many to choose from. There is a cost to closing a home, so make sure you pay that off immediately. And ask if there is any documentation you can get from your lender.

Key Takeaways:

  • Liquid capital is necessary for a down payment, which is typically 3.5% of the purchase price at minimum.
  • A poor FICO credit score – say, below 640 – and a bad debt-to-income ratio will hurt your ability to get a loan.
  • Some sellers and realtors require the buyer to be pre-approved for a loan and to provide thorough documentation.

“Understanding this information well in advance may help you make better decisions and will make your mortgage approval process to go smoothly and quickly.”

Read more: https://www.investopedia.com/articles/personal-finance/091415/5-financial-prerequisites-buying-house.asp

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