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This chapter is from the book

This chapter is from the book

Summary

In this chapter, you learned the importance of being prequalified by your lender. You also learned how your builder goes from "dollars on the dirt" to your new home—starting with your budget, he can tell you how many square feet, the number of floors, the type of countertops, the number of bathrooms, what kind of kitchen, and so forth your money will buy.

You also learned how to best prepare for your loan application and saw how easy it is to get your credit report and have it cleaned up.

Finally, I tried to give you a better understanding of your FICO score and how it affects the amount of money you can borrow and the interest rate you have to pay. You also stepped through an example of how amortization works. Did that take you by surprise? It sure took me by surprise the first time I learned how it worked.

See "Additional Resources" for details on how to download a free sample loan application.

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