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2017-01-12 08:30:52
Preparing to Buy Your First Home

 

            As a first time home buyer, there are probably a million things running through your mind. It can be a daunting, nerve wrecking, but an exciting time in your life. Buying a house is reaching one of the major milestones in one’s life. You have worked your entire life for this. But first, where do you begin?....Good question.

 

Step 1: Figure out your budget

            This should be discussed and planned out ahead of time. It’s hard to know just exactly how much you need to have saved but an important thing to remember is to keep your total housing payment under 30 percent of your gross monthly income. If you do this, then you will be able to make house payments and still live a comfortable lifestyle.  

 

Step 2: Check your credit score

            Getting a mortgage requires a good credit score. If you know your credit score may be pretty low, there are some things you can do to bring your scores higher. For example, pay off your credit card balances and stop using them for a couple months before applying for a mortgage. Also, make sure you are paying your bills on time. Late payments can hurt your credit score immensely.

 

Step 3: Find the right mortgage plan

            It’s important to be familiar with the different mortgages out there. It can be confusing to compare the different options you may have. Most banks have loan counselors that you can go talk to about your situation and they can advise you on which mortgage may be right for you. The most common kind of loan is the 30-year fixed rate mortgage. However, you should do your research to make sure you find the one that is right for you.

 

            These are just a few major things to think about when buying a home. It can be a long process from beginning to end, but the more prepared you are, the easier it can be and the sooner you can be in your dream house.

 

 

Source: Weliver, D. (2016, May 31). How To Be Financally Prepared To Buy Your First Home Read more at: https://www.moneyunder30.com/prepare-buy-first-home. Retrieved January 12, 2017, from https://www.moneyunder30.com/prepare-buy-first-home

 

 

 
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