Kristine Dugan, ABR, BS, CRS, SFR
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Five Ways to Prepare to Buy a Home
Posted on January 21, 2012
I found this blog and thought it gave some great tips on some awesome habits to create when preparing to buy your first home. Did you resolve that 2012 is the year you own your own home?
Making this type of purchase requires a lot of planning. Realtor® Robin Jones of Norfolk, NE gives some first steps on getting ready to be a homeowner: Today we're starting with what you'll need to do one year out to start getting ready. No surprises…it's all about credit.
1. Review your credit report. You can get free copies of your report from Equifax, Experian and TransUnion at AnnualCreditReport.com. It's important to get all three because some may show different things than others. Look carefully for errors. It's up to you to make sure they're removed. They affect your interest rate and your ability to get a home loan.
2. Check your credit score. Your credit score affects the rates and terms of your loan. Most mortgage lenders use FICO credit scores. Get yours at My FICO. Improve your credit score by paying all bills on time and paying down credit cards and revolving debt. Don't open or close any new accounts once you decide to buy a home.
3. Reduce debt. Get rid high balance credit cards, store charge cards, payday loans. Not only will these make it harder for you to get a home loan, they should also be a wake up call to get your spending under control.
4. Save! Change your spending habits. Cut out luxuries you don't need. Even a change jar can add up to hundreds of dollars in no time.
5. Switch to automatic bill pay on all your bills that offer that option. Late payments drastically drop your credit score so take advantage of automatic bill pay wherever you can.
Click here to read more blog posts by Robin Jones.
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