5 important things to consider when making this major life decision:


Understand your finances.

• Talk to a professional loan advisor about your assets, debts, and credit history to see if you prequalify for a mortgage.


Get your paperwork in line

 • Your lender will require a lot of personal information to build your loan. Start gathering recent tax returns, bank statements, and pay stubs to be prepared.


Set aside your down payment

 • Depending on which loan product you’re applying for, you’ll typically need to reserve 3% to 20% of the sale price for your down payment. If you qualify, some loans allow you to purchase with no money down or monetary gifts from your family.


Get preapproved.

• A preapproval from your lender will help you learn how much you’ll be able to afford—plus reassure sellers that you’re ready to make your move.


 Find your new home.

• The cost of living depends on many factors. Make sure to factor in your daily commute, shopping and recreation, and local school systems.


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