If you’re looking into buying a home for the first time, it can seem intimidating. Between the savings, down payment, and approval, the “to-do-list” can seem never-ending. Luckily we have a cheat sheet to the homebuyer’s basics. Check out our First-Time Home Buyers Checklist:
1. Check your credit score.
Your target should be 700 or above, but don’t worry, you can certainly buy a house with lesser credit. The only caveat is that you won’t qualify for competitive mortgage rates that will get you the lush two-story home you’ve always dreamed of.
Did you know for every point your credit score is below 800 you’re going to pay more in interest?
Yes, the difference between 3.9 percent and 4.9 percent may not seem like much now, but that one point will cost you about $32,000 on a $150,000 30-year fixed-rate mortgage in the long run.
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