find your home with avenlie

Homebuyer's Checklist

analyze your credit report

Let us help you find home.

Because having all of your financials and logistics in order will ensure that your are best positioned to make a competitive offer on a home, complete the inspection and appraisal process, and finalize the closing without any disruptions or dealbreakers.

This list covers several key points and will help you feel more knowledgeable about the process. 

Why is a checklist important in the home buying process?

Before you begin searching for a home or apply for a pre-approval letter from a lender, you should thoroughly analyze your credit report for any mistakes or discrepancies that can hurt your credit score. You can receive one free credit report a year from AnnualCreditReport.com which gives you access to all three major credit bureau reports from Equifax, Experian, and TransUnion. Use these official reports that lenders use to determine your credit score - not websites like Credit Karma.

If you do find a mistake, quickly try to resolve the issue by disputing it or contact the creditor to work out a solution. Any negative marks on your credit report can affect your ability to qualify for a home loan, and it may take some time to resolve the issue and have your credit report updated. 

Homebuyer's Checklist

your debt-to-income ratio

Let us help you find home.

Because having all of your financials and logistics in order will ensure that your are best positioned to make a competitive offer on a home, complete the inspection and appraisal process, and finalize the closing without any disruptions or dealbreakers.

This list covers several key points and will help you feel more knowledgeable about the process. 

Why is a checklist important in the home buying process?

Lenders look at your debt-to-income ratio to determine what loan amount you can afford. Your lender will want to know that you can comfortably afford your monthly mortgage payment in addition to all of your other monthly debts based on your gross monthly income. 

There are DTI ratio calculators online that can help you decide on an affordable home buying budget and have a realistic expectation of the loan amount you will be approved for by lenders.

If your debt-to-income ratio is too high for the amount you want to finance, you can use a higher downpayment to lower the total amount of your home loan. Or you could pay off whatever debt you can (especially credit cards) without impacting your downpayment.

Homebuyer's Checklist

mortgage pre-approval letter

Let us help you find home.

Because having all of your financials and logistics in order will ensure that your are best positioned to make a competitive offer on a home, complete the inspection and appraisal process, and finalize the closing without any disruptions or dealbreakers.

This list covers several key points and will help you feel more knowledgeable about the process. 

Why is a checklist important in the home buying process?

Once you have all of your financial information in order, it's time to choose a lender and type of loan.

The lender will evaluate your financials to determine your approved loan amount. Ask for a copy of this in writing, or a Pre-Approval Letter, to show your real estate agent and home sellers that you are qualified and able to purchase a home. 

Sellers don't want to waste time on buyers who are "just looking" and can't afford to buy their home, so being pre-qualified with a lender and having it in writing is the best way to be taken seriously by sellers, especially in a hot market where many homes are receiving multiple offers in a short timeframe.

Homebuyer's Checklist

choose your agent

Let us help you find home.

Because having all of your financials and logistics in order will ensure that your are best positioned to make a competitive offer on a home, complete the inspection and appraisal process, and finalize the closing without any disruptions or dealbreakers.

This list covers several key points and will help you feel more knowledgeable about the process. 

Why is a checklist important in the home buying process?

Your real estate agent is crucial in the home buying process. They must combine industry and market knowledge with compassion, honesty, and the ability to understand your concerns and needs. And they must be worthy of your trust and put your best interests first.

So we encourage you to choose the agent that has the most consideration for your specific needs. This includes telling you the difficult truth to avoid or handle negative situations, and showing you the homes that fit your budget and lifestyle regardless of the potential commission. 

Because this is your experience, your future, your life and home.

Home begins here, with Avenlie Real Estate Group.