Preparing to shop for your mortgage
Buying a home is exciting. It’s also one of the most important financial decisions you’ll make. Choosing a mortgage to pay for your new home is just as important. Don’t rush into it.
Goals for this phase
Determine how much you want to spend on a home
Decide if it’s the right time to buy a new home
Gather your application paperwork
Before you start shopping for a home and a mortgage, set yourself up for success by taking time to prepare. Use our step-by-step guide to check your credit, assess your finances, set your home-price budget, and more.
- Check your credit
- Assess your spending
- Budget for new or changed expenses
- Determine your down payment
- Decide how much you want to spend on a home
- Consider whether it's the right time for you to buy
- Build a network of advisors
- Create a loan application packet
Tools for this phase
Credit report checklist
Review your credit reports early so you have time to correct mistakes.
Track your spending to know how much you can afford for a monthly payment.
Interest rate explorer
The interest rate you expect to receive is an important factor in deciding how much to spend on a home.