Many people feel a strong sense of pride at owning their own home. Because this is a big purchase you need to ensure that you are as well prepared as possible.
The first step to getting a bay area mortgage is to have all your financial ducks in a row. Before you even go to the bank, you need to ensure that you have a budget and that you know where your money goes each month. This is what the bank officer will want to know too.
Make sure that you have a good credit history. Any blemishes on your credit report may prevent you from getting a good mortgage deal. However, a high credit score may enable you to get a good interest rate. Get a copy of your credit report from one of the credit agencies that offers it for free and look for anything glaring on the report.
Do not borrow any more money than you feel comfortable paying back in a reasonable amount of time. Ensure that your monthly payments will allow you to save for other important things, such as retirement and your children’s college fund.
