Fairway's First Time Home Buyer Checklist
Fairway offers a wide range of financing options and expert mortgage advice.
Check your credit score. A higher credit score will help you to secure a lower interest rate. Check your credit history annually on AnnualCreditReport.com.
Correct Your Report
If you find any errors or inconsistencies on your annual credit report file a dispute right away. The three major credit bureaus will have 30 days to investigate.
You will need to figure out how much you can afford when buying a home. Use one of our mortgage calculators to determine possible monthly mortgage payments.
Choose Your Lender
Selecting a mortgage lender will help you find out if you qualify for a mortgage and how much home you can afford. Lenders can also educate you on the variety of mortgage options you can choose from.
Once you have chosen the right mortgage option for you, you'll want to secure a mortgage pre-approval to reassure potential sellers that you are serious about buying.
Saving for a down payment is a key step in buying a home. A good goal is to be able to put down 20% to help you avoid needing to secure mortgage insurance.
No Major Changes
Once you are in the market for a home it's wise not to make any major changes to your finances. Try not to switch jobs, apply for a new line of credit.
Check out different neighborhoods where you might be interested in buying. Do they have the neighborhood amenities you are looking for? Is it close to your job or a good school for your kids?
Real Estate Agent
Real Estate agents provide expertise to help you find the house of your dreams. Ask friends, colleagues, or one of our team members for a recommendation!
Create a List
What are you looking for in a home? How many bedrooms/bathrooms do you ideally want? Are you looking for a fenced in yard for your dog? Having a wish list will help you narrow down the home options that are on the market.
Check out online listings for houses in your desired areas. Most online listings will allow you to look at details about the home as well as photos. This may help to narrow your search.
Visit Open Houses
Your realtor can help schedule appointments for you to search for a home. However, visiting open houses is a low-stress way to see the interior of houses you are interested in.