Preparation is Key to Applying For a Home Mortgage

mortgage preparation imageWith housing prices and mortgage interest rates at record lows, conditions are good for a home purchase.

Buying a home is the single largest investment that most people will make in their lifetime,” said Frank Keating, president and CEO of the American Bankers Association (ABA). “An honest evaluation of your finances and thorough planning for a mortgage are essential to a wise buying decision.”

But it’s harder to get a mortgage these days. ABA offers these tips to help households prepare for buying a home.

• Review your finances. A detailed analysis is central to the buying decision. Calculate all of your fixed monthly expenses. Include a potential mortgage payment, homeowner’s insurance, taxes and condo fees. Also include obligations like car payments, credit card debt and living expenses. Add home maintenance costs as well.

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