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The Answer Book for Buyers

About the Neighborhood

QUESTIONS TO ASK About the Neighborhood Where you live should reflect your lifestyle. These questions will help you find the best community for you. Is it close to my favorite spots? Make a list of activities you engage in and stores you ...

Define Your Dream Home

WORKSHEET Define Your Dream Home Write in your preferences and rate them: 3 = Vital, 2 = Very Important, 1 = Neutral, 0 = Not important LOCATION PREFERENCES RATE Neighborhood School district Nea...

Finance a Home, Creatively

HOW TO Finance a Home, Creatively Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include...

When Choosing a Lender

QUESTIONS TO ASK When Choosing a Lender Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about. General questions: What are the most popular...

Loans & Lending Terms

VOCABULARY Loans & Lending Terms Term. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of th...

Prepare to Finance a Home

HOW TO Prepare to Finance a Home Develop a budget: Use receipts and your banking transaction history to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses al...

The Tax Benefits of Owning

WHAT TO KNOW The Tax Benefits of Owning The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of home ownership. Let’s work through a hypothetical situation to see how ...

Improve Your Credit

HOW TO Improve Your Credit Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: Check for errors in your credit report. ...

About Credit Scores

WHAT TO KNOW About Credit Scores Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: Your payment history. Did you pay your credit card bil...

Track Your Budget

WORKSHEET Track Your Budget The first step in getting yourself in financial shape to buy a home is to know exactly how much money comes in and how much goes out. Use this worksheet to list your income and expenses below. Income ...

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