It can end badly if you don’t have the right information.
Start preparing for home ownership months before you are ready to buy. If you want to purchase a home, make sure you have your financials ready. You need to build substantial savings and make sure your debt level is reasonable. If you put these things off too long, your mortgage might never get approved.
Avoid spending lots of money after you apply for a loan. Lenders recheck credit before a mortgage close, and could change their mind if too much activity is noticed. Wait until the loan is closed to spend a lot on your mortgage before running out for furniture and other large expenses.
If you are trying to estimate the cost of your monthly mortgage payments, you should try getting pre-approved for a loan...Read More