Introduction

• Understanding Credit We all know that good credit is necessary to qualify but do you know your score and how can you improve your credit?
• Interest Rates and Terminology Rates will vary depending on the day, your credit, and the type of loan you want.
• Tax Considerations Purchasing a home and financing it can have a positive effect on your tax liability.
• What You Can Afford Don't let your eyes get too big for your wallet. Knowing your price ceiling before you start looking can save you from disappointment and financial trouble.
• Pre-qualifying & Pre-approval Once you determine what you can afford, you need to see how much the banks are willing to lend to you.
• Locking in a Mortgage Rate If the rate looks favorable but you haven't found the perfect house yet, you can ask to have your rate locked. What does that mean?
• Appraisals & Market Value So you know what you can afford and how much the bank is willing to loan out. Once you pick out a potential home, it is time to determine its value.
• Private Mortgage Insurance (PMI) If you are first time home buyer without a significant down payment, chances are you will need to buy PMI.
• Bankruptcy and Foreclosure Nobody wants to be in foreclosure or bankruptcy but it is important to knwo the facts and consequences.