Here are 5 Tips to Help You Prepare to Buy Your First Home
The process of buying your first home can be overwhelming. But, whether your plan is to buy this
year, or in 3 years, there are things that you can do NOW in preparation of being a Homeowner.
Save Money: You should be putting money aside for your down payment, closing costs, HOA fees, purchasing a survey, and other expenses which can
arise that you didn’t know about or plan for at the beginning. Every real estate transaction is different, so it’s best to save as much money as possible to cover your expenses.
Build Up Your Credit Score: How? Pay your
bills on time! Focus on your large purchases like auto payments, and then focus on your credit cards. It’s important to have a good credit score so that you are approved for a home loan – a good credit score may also help you obtain
a better interest rate.
Steady Employment History: At least a 2-year steady, reliable, job history is usually required. If you have over a 6-month gap in employment, it can be tricky to get you approved for a loan.
Talk to a Lender:
Know your loan options and whether you are eligible for grant or down payment assistance which will help you with closing costs and down payment.
You DON’T Have to Buy at Your Highest Approved Amount: Make sure that you aren’t
‘house-poor’. Just because you are approved for a higher-priced home, doesn’t mean that you have to buy it. Review your budget and make sure that your new house payment fits within your finances.