If you have a local banking relationship that you are comfortable with, talk with your banker. If not, talk to me and I'll be happy to introduce you to one of the excellent mortgage loan officers who work with me.

Once you have found a home and negotiated a contract for it's purchase, the next steps are applying for a mortgage and contracting for a Title Search so that you are assured that you will have complete ownership rights upon transfer. Title companies perform this search service and provide a title insurance policy for the lender and, if requested, for the buyer as well. Many title companies can also act as Escrow agent, arranging a timely closing.
 

Do's and Don'ts

DO order your own credit report now. Check its accuracy and fix any errors. We don't want surprises when you apply for a mortgage!

The three major credit reporting services are: Trans Union, Equifax, and Experian Note: If you have credit cards without balances or with unused high lines of credit, be aware that some lenders will count all the unused amounts as potential liabilities; consider canceling cards you don't need (and be sure to ask customer service to note your account "cancelled at customer's request.") Having too much credit available can be just as detrimental as not having enough!

• DO talk to a loan officer in advance if you've had credit difficulties in the past - don't wait and don't assume he'll say "no"
• DO find out your credit score. Many lenders are now using credit scores, so check yours.
• DO find out your credit score. Many lenders are now using credit scores, so check yours.
• DO pay off small balances and minor credit card debt before loan application.
• DON'T buy or lease a new car, buy new furniture or accept new credit cards, no matter how good the "deal" may be. Just wait!
• DON'T consolidate your bills, move your assets around or change jobs.
• DON'T throw away or pack up pay stubs, bank statements, w-2's
• DON'T wait to save more money for a down payment. Housing costs increase with inflation so you'll always need more next year.
   

Check Your FICO Score Online

Diane's Tip

Credit Reporting Agencies

• There are three credit reporting agencies, Trans Union, Equifax and Experian. Scores can vary widely! To be sure your credit report is accurate, use a service that will check all three like True Credit.

See also, The First Step - Pre-Approvals