To prepare for your real estate purchase:
- Check your personal credit. Contact a
credit bureau and request an inexpensive or complimentary report. Update and correct if
necessary.
- Save as much as possible for your down
payment and closing costs. Sacrifice short-term luxuries for your long-term goal of home
ownership.
- Avoid using credit at all costs. This is
not the time to assume another car payment, buy a boat, or even apply for another credit
card.
- If someone is donating a substantial sum of
cash toward your purchase, deposit it in your savings account months before applying for a
mortgage loan. Ask an attorney or accountant about gifting rules.
- If you're a veteran, order your VA
certificate of entitlement in preparation for choosing a VA mortgage.
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