It’s impossible to be too prepared for home ownership but don’t go in completely unaware of what to expect- buying a home may be one of the most important purchases you make in your life.
- Get your credit in order
Having your credit and finances in line will make it easier to qualify for a mortgage and lower rates.
- Start saving for a down payment
Yes, it’s possible to purchase a home without a down payment but you’ll get a better rate, lower mortgage payments and qualify for more loans if you can put 20% down.
- Save for a rainy day
As a home owner you are responsible for your housing condition. Unlike renting you can’t call your landlord to fix it YOU are your landlord.
- Don’t live beyond your means
Be realistic and think with your head not your heart. You may want a huge house in a pricey neighborhood but if your pockets don’t agree DON’T DO IT!
- Take your time
Buying a home is a very important decision that should not be rushed. Take your time doing research and finding the best fit for you.