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5 Things First-Time Homebuyers Must Know Before Taking out a Mortgage

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  5 Things First-Time Homebuyers Must Know Before Taking out a Mortgage By: Greg McKinney Mineola TX   If you’re thinking about buying your first home, there are some things you should know to increase your chance of mortgage approval. Even in today’s competitive real estate market, first-time homebuyers have many opportunities to get a home, but it all starts with knowing how to get approved for a mortgage.   You Must Check your Credit   Your credit is the first thing lenders look at and use to decide if you’ll qualify for financing. Everyone gets free access to their credit reports – use it.   Check your credit report for any of the following: Late payments Use of more than 30% of your credit line Collections Inaccurate information Dispute any incorrect information, bring late payments current, and pay any large outstanding credit lines down to improve your credit score.   You Need Money for a Down Payment AND Closing Costs You might only need 3 – 3.5% down on th