Julie Schaefer

Sales Associate

Things to Consider Before You Start Your Search

RUN YOUR CREDIT REPORT

EVALUATE YOUR DEBT-TO-INCOME (DTI) RATIO - Note: as a rule, your mortgage payment plus the monthly payments including car loans, student loans, credit card balances, and any other debt that will take more than 10 months to pay off, should add up to no more than 38% of your gross monthly income.

PRE-QUALIFICATION - Meet with a mortgage lender.  The lender will be able to advise you how much the bank (mortgage company) feels you are able to afford.

PRE-APPROVAL - While knowing how much you can afford is the first step, sellers will be more receptive to potential buyers who have been pre-approved.  You'll also avoid being disappointed when looking at homes that are out of your price range.

LIST YOUR NEEDS AND WANTS - Make two lists.

BE OBJECTIVE - Refer back to your lists.  Does this home meet your needs?  This is one of the largest purchases you will make in your life, take your time!