Plan your purchase, from preapproval to move-in.

Your payment, documents, loan offers, home tours and contract dates in one place, saved in this browser.

Before your offerAfter your offer is accepted
A study seen through an open door, a desk under a lamp by the window
A woman with notes in hand in an empty room before a tall window

Before your offer

Monthly payment

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Buyer Guide: Financing and preapproval

Your monthly home payment

Principal and interestWork it out in the mortgage calculator
Mortgage insurance
Property taxesThe yearly amount divided by 12
Homeowner’s insuranceAsk whether flood insurance is required
Homeowner’s association or condominium fees, if they apply
My estimated total monthly home payment$0

Its share of your income

My total monthly income before taxes
Percentage of my income going toward my monthly home payment-

What is left after your debts

Total monthly income after taxes
Less my estimated total monthly home payment$0
Less monthly car payments
Less monthly student loan payments
Less monthly credit card payments
Less other monthly payments, such as child support or alimony
Total monthly income minus all debt payments-

Your choice

I am comfortable with a total monthly home payment of

Credit check

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Buyer Guide: Financing and preapproval

Check your report from each of the three nationwide credit reporting companies. Your free reports are at AnnualCreditReport.com.

Correct on the reportEquifaxExperianTransUnion
Header and identifying informationYour name and its spelling, Social Security number, current phone number, current and previous addresses, employment history
Public record informationBankruptcies, judgments or tax liens
Collection agency accountsAny accounts in collections, and the status of each
Credit accountsAll the accounts are yours, each with its right status, you are listed correctly as authorized user, co-signer or joint owner, and accounts you closed show as closed by the consumer
InquiriesYou recognize every hard inquiry
Your choice

Loan documents

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Buyer Guide: Financing and preapproval

Mark each as you gather it and send it to your lender. Credit documents can be no more than four months old when the loan closes.

  • Pay stubFrom the last 30 days, with your earnings for the year to date
  • W-2 formsThe last two years
  • Federal tax returnsSigned, for the last two years
  • Other incomeDocuments for any other source of income
  • Bank statementsThe two most recent. A statement more than 45 days older than your application is replaced with a newer one.
  • Down payment sourceInvestment or savings statements showing at least two months of ownership
  • Gift letterOnly if some of the money is a gift: signed by the giver, with the amount, that no repayment is expected, and the giver’s name, address, phone number and relationship to you
  • Large depositsWhere any single deposit of more than half your monthly qualifying income came from
  • Name changeOnly if your name changed recently
  • Proof of identityTypically a driver’s license or non-driver ID
  • Social Security number
  • Homebuyer education certificateA certificate of housing counseling or homebuyer education, if you have one

Loan offers

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Buyer Guide: Financing and preapproval

Ask at least three lenders for a Loan Estimate, in writing, and set them side by side. The Loan Estimate explained, by the CFPB.

Lender
Loan amount
Interest rate
Fixed or adjustable
Monthly principal and interest
Monthly mortgage insurance
Total Loan Costs, minus lender creditsLoan Estimate page 2, sections D and J
APRLoan Estimate page 3
Total Interest PercentageLoan Estimate page 3
Rate lock expiresLoan Estimate page 1

Confirm your decision

Home tours

None yet

Buyer Guide: The search

A sheet for each home you see, each item scored from 0 to 3. With two homes or more, they are set side by side below.

Ask LEYEFEMI to review your plan

Send us your plan and your questions. We will look it over and get back to you.