Before you begin your home search, it’s critical that you take some steps to prepare. Today, I’ve got six things for you to think about.
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Today, I’d like to share a list of six things to think about when preparing to purchase a home.
1. Check your credit. If you don’t already know your credit score, you definitely want to pull your report. Two options I recommend are www.annualcreditreport.com and Credit Karma. If you have some time before you buy, focus some energy on improving your score. No matter where your score is now, a better score will almost always help you get a better rate.
2. Don’t open up new accounts. Your credit history is based on how long you’ve had your credit, how often you pay, and whether you pay on time. The last thing you want to do before buying a home is open up a new line of credit.
3. Using gifted money toward your home purchase. Around the holidays, consider asking for financial gifts instead of material items. A little extra cash could go toward your down payment, and help you transition more smoothly into your new home.
Today, I’d like to share a list of six things to think about when preparing to purchase a home.
1. Check your credit. If you don’t already know your credit score, you definitely want to pull your report. Two options I recommend are www.annualcreditreport.com and Credit Karma. If you have some time before you buy, focus some energy on improving your score. No matter where your score is now, a better score will almost always help you get a better rate.
2. Don’t open up new accounts. Your credit history is based on how long you’ve had your credit, how often you pay, and whether you pay on time. The last thing you want to do before buying a home is open up a new line of credit.
3. Using gifted money toward your home purchase. Around the holidays, consider asking for financial gifts instead of material items. A little extra cash could go toward your down payment, and help you transition more smoothly into your new home.
Knowing what you can actually afford before you start looking will save you a lot of trouble.
4. Keep an eye on interest rates. Even a slight increase in interest rates will decrease your buying power, so being aware of current rates before you purchase a home will give you an advantage.
5. Get a lender. If you don’t already have a lender, I would be happy to give you some referrals.
6. Get pre-approved. Knowing what you can actually afford before you start looking will save you a lot of trouble. Once you provide some documents to your lender, they will be able to get you pre-approved so that you can start your home search.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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