Home buying is a daunting and challenging task; especially if you are a novice purchasing your first home. First-time homebuyers often have numerous questions about mortgages, bank rates, repayment schedules and much more. Dedham Savings works with their customers to help them answer all of these questions.

Here are a few tips to make your home buying process go more smoothly.

  

  Your credit score is one of the most important factors to acquire a loan. An attractive credit score will help you acquire a loan easily. 

However, paying your bills on time is not equivalent to a good credit score. Your credit utilization improves or reduces your credit score. Therefore, it is important to work on your credit utilization and attain a good credit score before you set out for a home loan. 

·         Of course, you do not want to fall into a situation where you have taken a loan and cannot pay your installments. To avoid this conundrum, you can track your cash flow a few months before you acquire a loan. This way, you can see where your money is going. Additionally, you will understand what is left over after taking care of your monthly expenses. 

               Mortgage lenders require important documents; these documents include the previous two years of W-2 forms, tax returns and bank statements of the recent two months. Therefore, keep your documents organized. 

·        It is important to keep in mind your monthly expenses and your debt-to-income ratio. The lender can then qualify you for a loan equivalent to the value of the home you can afford. Qualifying for a loan before hunting for a house is beneficial. 

·         A down payment is a part of mortgage loans. You can see if you have enough finances in your account to meet the down payment requirements.

If you are searching for the best first home buyer program in Sharon, look no further than Dedham Savings. To learn more about their services, check out their website at http://dedhamsavings.com/.