Buying a home: checklist

Before applying for a mortgage, prepare your credit and budget, compare offers, and carefully review the closing documents.

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1. Get your credit report and correct errors

Get your report from AnnualCreditReport.com; correct errors affecting your credit score and do not make large purchases before closing.

1. Get your credit report and correct errorsGet your report from AnnualCreditReport.com; correct errors affecting your credit score and do not make large purchases before closing.annualcreditreport.com(Official site)
2. Determine your budget and down paymentCreate your budget by including property taxes and insurance in the total monthly payment.
3. Speak with a HUD-approved housing counselorFind a counselor using the CFPB’s tool or HUD’s automated line; some lenders may offer a discount after you complete education.

4. Get at least three written Loan EstimatesRequest standard Loan Estimate forms sent after application from at least three lenders.
5. Compare loan costsReview the lender fees in Sections A and B of the Loan Estimate and the selectable services in Section C.
6. Evaluate the balance between points and interestTake into account that paying points can lower the interest rate while increasing closing costs.
7. Get the Closing Disclosure on timeGet the Closing Disclosure at least three days before closing and check the loan terms and all costs.
8. Verify money-transfer instructionsVerify payment instructions received before closing with the lender or closing company using a phone number you already know.

This content is general information, not legal advice.