Mortgage Checklist

Check your credit

1. Any number of things can happen to your report through human or computer error including wrong account numbers, names, employment, or payments posted to incorrect account numbers. It can happen and it’s up to you to take charge of your name and protect your future financial record by doing a “credit check up” at least every 6 months. Any errors you find should be reported or disputed immediately.

Shop for a loan

You can get a mortgage loan from banks, mortgage companies, credit unions, etc. It really pays to do your homework and compare costs, interest rates and fees between each company you research.  You can also use a Mortgage Broker –basically they work to do the research for you and will negotiate your rate and fees with one of their favored mortgage partners. Just remember that brokers are paid a fee, and it’s either from the partner they are working with or it will be added to your points or interest.

How much can you afford?

There are a number of calculators available to help you determine your shopping price range. Please be sure to consider all of your debts and income.

See if you qualify for any home buyer assistance programs

The City of Houston has several home buyer assistance programs based on various criteria; additionally look into HUD’s (Housing and Urban Development) assistance programs (a list is shown below) Each city and state vary on the opportunities that may exist to include your occupation. For example, there are special provisions for veterans, teachers and fire fighters. Please research your local city government or speak with your Realtor or housing counselor for further assistance.

HUD's special home buying programs

Good Neighbor Next Door

Hurricane Evacuees discounted sales

Homeownership for public housing residents

Indian Home Loan Guarantee Program

First understand what a Realtor is, what they do and who pays their fees

Consider using a Realtor

Understand basic rules and terminology