First-Time Home Buyer Checklist

Buying your first home is exciting, but the mortgage process can feel overwhelming. This checklist will help you prepare so you're ready when it's time to apply.

Start by checking your credit. Pull your free annual credit reports from all three bureaus and review them for errors. If your score is below 620, focus on improving it before applying.

Next, gather your documentation. You'll need pay stubs, W-2s, tax returns, bank statements, and ID. Having these ready will speed up your application significantly.

Calculate your budget realistically. Consider not just the mortgage payment, but also property taxes, insurance, maintenance, and utilities. A good rule of thumb is to keep total housing costs below 28% of your gross income.

Finally, get pre-approved before house hunting. A pre-approval letter shows sellers you're a serious buyer and gives you a clear budget to work with.