Ready to Buy Your First Home?

There are steps you can take that will help make your first home buying process easier by taking the steps that are necessary to be prepared; especially financially.

Improve or Build Your Credit- Your credit is one thing that will help determine what type of home loan you will qualify for, and how much of a loan you will be able to secure. It will also play a part in what your mortgage interest rate will be. There are many elements that go into securing a mortgage to buy a home. But, having a higher credit score could lead to you getting a lower monthly mortgage payment.

Here are some tips for you to make sure that your credit is in good shape for when it’s time to buy:

Track your credit.
Look over your entire credit report from all three reporting bureaus: Equifax, Experian, and TransUnion. These outlets will help you know what is on your credit report, what errors may
need to be disputed, and tips for how to improve or build your credit.

Pay all your bills on time.
This includes making loan payments and paying down any open lines of credit, and paying all your monthly bills on time.

Keep your credit card balances low.
Pay down your credit card balances with more than your minimum monthly payment when you can. You may also be able to move higher interest card balances to promotional (lower or) zero
interest rate cards to help with this.

Save for your down payment.
If you receive a regular paycheck, have a portion go into a separate savings account before you even get your paycheck. If you are self-employed, you can set up a recurring transfer to your
savings account.

Get pre-approved before you start searching.
When you get pre-approved for your home loan, you’ll know how much you can borrow to buy your new home. Armed with this knowledge, you will know how much you’ll need to have as a
down payment, and you’ll also have an understanding on what your target price range will be for your new home. That way, when you start searching you will already understand what your
options will be. It will make your home search a lot easier and less stressful.

Enlist a professional Realtor for guidance.
The best way to make sure you are prepared for your first home purchase is to connect with a Realtor that knows how to guide you through the entire process of purchasing a home. They
will help you make important decisions throughout the process based on your goals, your budget, wants and needs.

If you’re ready to start your home buying process, connect with us, and let us help you realize your dream of owning your first home.