What You Need to Know
For many people, buying a home is the biggest financial move they’ll ever make. Most homes are bought with mortgage loans, which let you buy property and come with tax-deductible interest.
If you’re in the market for a new home, especially if you’re a first-time homebuyer, take some time to learn the ins and outs of mortgage financing so you know what to expect. Here’s our guide.
Do This First
Before you begin shopping for a house, do your own homework to determine your creditworthiness and prepare for a conversation with a lender, says Bob Collins, mortgage broker at Signal Hill Mortgage in Signal Hill, California.
First, gather tax returns, pay stubs, and other paperwork that documents your income for the past two years. You’ll also need documentation of liquid assets, cash in the bank, as well as credit history and current income. That…
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