RE/MAX of Greensboro & PartnersRE/MAX of Greensboro & Partners

Triad Real Estate: Greensboro, High Point, Kernersville, Winston Salem

RE/MAX of Greensboro: 336.854.0500
RE/MAX Partners: 336.854.2400
My Account Login | Register
  • Menu
  • Home
  • Search Homes For Sale
  • Home Valuation
  • Meet Our Agents
    • RE/MAX of Greensboro
    • RE/MAX Partners, High Point
  • the Blog
  • Join RE/MAX
  • Contact Us

Managing Finances Before Applying For A Mortgage

Managing Finances Before Applying For A MortgageAre you planning on using a mortgage to help cover the cost of a new home? If so, you will want to prepare your finances and figure out how you will manage all those wallet-draining monthly expenses. Let’s take a look at how to run a quick financial health check to ensure you are ready to apply for a mortgage.

Update (Or Start) Your Monthly Budget

First, it is essential to get the basics out of the way. If you haven’t already, it’s time to start a monthly budget to keep track of your income and expenses. Once you have a mortgage, it will be important to prioritize your monthly payments so that you don’t end up falling behind.

Starting a budget is easy and can be done with mobile apps, software, a spreadsheet or a pen and paper. List all sources of income so that you know exactly how much cash you are working with. Then, list out every one of your expenses. It can be tough to remember them all, so consider using debit and credit card statements from the past few months as a reminder.

Get A Copy Of Your Credit Report

Next, you will want to get a copy of your credit report so you can see what potential mortgage lenders will see when assessing your financial history. This is a free service that you can request once per year, so be sure to take advantage. Note that you will want to use government-approved websites for requesting your credit report. Be wary of scams.

Do You Have A Down Payment?

A down payment is not required for every home purchase, but having one saved up can make the buying process easier. The amount you will want to have saved up will depend on the cost of your home, whether you plan on carrying private mortgage insurance and a variety of other factors. If possible, try to save up an amount close to (or more than) twenty percent of the home’s purchase price.

Ready? Chat With A Professional

Now that you have your financial health in check, it is time to meet with a mortgage professional to discuss your financing options. 

As soon as you know what you can afford, the next step is to contact your trusted real estate agent who can help you find the house of your dreams!

Posted in: Real Estate Tagged: Home Mortgage Tips, mortgage, Real Estate Tips

Quick Home Search

Post navigation

« Are Multi-Unit Properties the Right Move for You?
5 Options To Consider When Your Appraisal Comes In Low »

My Account Login

Recent Blog Posts

Last week’s economic reports included readings on construction spending and multiple labor sector reports including private and public sector jobs and the national unemployment rate. Weekly … Continue reading...

There are a lot of steps that people need to take when buying a home. One of the most common issues that people discuss is the down payment. Most banks will require a down payment so that they aren't … Continue reading...

When considering buying a home in an "as-is" condition, the buyer takes all the risk of anything needed to bring the property back up to current building codes and make it ready for occupation or … Continue reading...

News, Tips & Advice

  • Around The Home (271)
  • Chapter 7 Bankruptcy (1)
  • Consumer Tips (1)
  • Credit Scoring (1)
  • Federal Reserve (29)
  • FHFA (2)
  • Financial Reports (115)
  • For Buyers (9)
  • For Sellers (7)
  • Foreclosure (1)
  • Giving Back (3)
  • Happy Thanksgiving (1)
  • Holidays (1)
  • Home Building Tips (5)
  • Home Buyer Tips (198)
  • Home Buying Tips (1)
  • Home Care (3)
  • Home Decorating (2)
  • Home Financing Tips (4)
  • Home Maintenance (1)
  • Home Mortgage (3)
  • Home Mortgage Tips (134)
  • Home Ownership (2)
  • Home Seller Tips (161)
  • Home Selling Tips (26)
  • Home Tips (1)
  • Home Values (6)
  • Homebuyer Tips (5)
  • Homeowner Tips (6)
  • Housing Analysis (189)
  • Housing Market (18)
  • Investment Properties (1)
  • Just For Fun (2)
  • Market Outlook (144)
  • Mortagage Tips (5)
  • Mortgage (55)
  • Mortgage Guidelines (19)
  • Mortgage Rates (150)
  • Mortgage Tips (11)
  • News (73)
  • Personal Finance (26)
  • Rankings (2)
  • RE/MAX Buyer & Seller Tips (1)
  • RE/MAX of Greensboro (17)
  • Real Estate (272)
  • Real Estate 101 (10)
  • Real Estate Definitions (3)
  • Real Estate Tips (43)
  • Real Estate Trends (2)
  • Selling Your Home (1)
  • Statistics (2)
  • Taxes (3)
  • The Economy (20)

Home Buyer Tips

Looking For A Major Lifestyle Change? Consider Buying A ‘Micro’ Home

With the cost of a home on the rise and the concept of being sustainable becoming more popular, many people are considering moving to a smaller home to minimize their impact. It’s important, however, to consider what living small is really like before deciding that it’s the right move for you.

Around The Home

Make the Most Of A Small Yard Space

It’s great to have a yard in this day and age, but so many new developments in the city have limited green space for you to let your imagination run wild. If you’re wondering what you can do with your patch of green space or small yard, here are a few options for making it aesthetically appealing and still maximize the potential.

Home Seller Tips

Selling Your Home FHA? Learn These Tips To Ensure A Smooth Closing

Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property. While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

© 2019 ยท Greensboro Real Estate Inc. dba RE/MAX of Greensboro & RE/MAX Partners

Terms of Use | Privacy Policy | *Affiliated Business Notice

Each Office Independently Owned and Operated.
Greensboro Real Estate Inc Supports Equal Housing Opportunity
*Affiliated Business Notice

Click for the BBB Business Review of this Real Estate in Greensboro NC