Home loans

Before looking at homes, look at your current spending, saving and giving. How much money will you need after paying your mortgage to afford other things that are important to you?

Financial institutions look at your credit score to see if they want to lend you money. A score above 700 is more attractive, but below 620 could make it harder to get a loan.

Take the time you need to find a lender you trust. Prepare for initial conversations like a job interview, so you can be confident you're working with someone who has your budget and best interests at heart.

During this process, your lender will verify all your financial information. It's also the time to ask about your different loan options. Once you're pre-approved for a mortgage, you'll know exactly how much home you can afford.

Look for a real estate agent who takes time to understand your financial and homeownership goals, and has the local expertise to give you insights on home histories, school districts, neighborhood resale values and more.

Tell your real estate agent what you must have, and would like to have, in a home. Try to stay focused on homes in your price range, and evaluate how the pros and cons of each one could impact your future.

Once you find a home, work with your real estate agent to order an inspection to check for damage or structural issues, which could be used as leverage in negotiating your final offer. After you've made your offer, your lender will do an appraisal to make sure it's worth the price

After your offer is accepted, a loan processor and underwriter will work together to validate all the information on your pre-approval application before giving your loan the final stamp of approval.

There's just a few more steps, and a stack of papers to sign, before you get the keys. Don't be afraid to ask questions. Allow at least one hour for the closing process.

Welcome to your new home and the start of an exciting future. To prepare for the road ahead, consider budgeting for maintenance needs, stay in touch with your lender, and ask friends and family for advice.