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Step 2:  Check Your Financial Health

Everyone would like to be able to live in Beverly Hills, but options for most of us are limited to the neighborhoods available and our financial well-being.  Now is a good time to assess your spending habits and capacity to carry a mortgage payment.

In general, you must determine what you currently own, how much you currently owe on it, what your income is, and what you spend your income on.  A loan officer will perform the same analysis, but you should know your financial picture before you start looking for homes.

There are some easy to use worksheets here you can use to check your financial health. Check out a hometoday.com net worth worksheet to determine what you own vs. what you owe on it.  Fill out a hometoday.com cash flow statement to figure out where your money goes during the month. Read the document below for more details on assessing your own financial position and credit standing.

If you've been denied credit within the past two months, you are entitled to a free credit report. Even if you haven't been denied credit, some states require vendors to provide you one free report per year. If you have to pay for a report, it usually costs less than $10. Call any of these vendors to get yours:

Equifax 1-800-685-1111
Experian 1-800-392-1122
Trans Union 1-800-888-4213


Financial Health
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