Buying a house can be stressful enough for seasoned buyers, let alone first-timers. Do I have enough saved for a down payment? Will I qualify for a mortgage? Will I get a good interest rate? These are just some of the questions that might run through your mind when you’re getting ready to buy your first home.
We’re here to make the process easier. The following steps will put you on the path toward homeownership and hopefully ease some of the stress.
So you want to buy a home. Do you know how much you can afford?
Speaking to a mortgage expert will give you a better understanding of everything you need to make it a reality. Click on your state to see today’s rates.
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Steps for Buying a House for the First Time
Prepare your finances
A house is likely to be the biggest purchase you’ll ever make. You should be confident that you are financially ready to buy before jumping into the market. Start preparing your finances at least a year before officially starting your home search.
Check your credit score and credit report
One of the most important pieces of information your mortgage lender will look at is your credit score. Borrowers with excellent credit will usually qualify for the lowest interest rates and more affordable monthly payments.
Your credit score is based on your credit report. You can request a free copy of your report from each of the credit reporting bureaus at Annualcreditreport.com. Look for negative and incorrect information that could be lowering your credit rating and then work on other ways to improve your score.
A low credit score can negatively impact your mortgage application and interest rate.
The good news is that credit repair companies, such as Credit Saint, may be able to help you increase your credit score in within a few months!
Signup to Improve My Credit
Start saving for a down payment early
Buying a home requires cash. Start saving as soon as you know you want to become a homeowner. In surveys more than half of potential buyers say not having enough for a down payment is the biggest barrier to homeownership.