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What to Do Before Buying a Home

What to Do Before Buying a Home

By: Tanya Torres

 

Photo by Vita Vilcina on Unsplash

 

You’ve been dreaming about buying a home for a while now and you’re starting to feel cramped living between two noisy neighbors at the place you currently rent at. However, your dreams of owning a property feel out of reach when you think about the down payment and credit check you will have to go through to make this happen. You feel reluctant to contact any agent or place for help because you believe that your dream of owning a home will never happen. However, you do not have to have a perfect credit score or a big down payment to help you own a home. There are plenty of options out there for you to make your home buying experience less intimidating and more enjoyable and we have the inside scoop for you on how to do it. 

 

Know What You Want

Everyone always has a dream home pictured in their head of what exactly they want in their home all the way down to the floor layout. Although you can dream of a home perfect for you, it does not always mean that you will purchase that dream home yet. It all depends on what you can afford and what you qualify for. As a result, it is always recommended to have a clear idea of what type of home you want before you start searching. You don’t even have to be preapproved before you begin your search just so you can begin narrowing down the many houses in the area you are looking at. But this is also the time when you need to figure out what features you cannot live without along with the type of neighborhood you want to live in and more. Once you know what you want and what you can live without, it will be that much easier to shop for your dream home. 

 

Credit Score

To ensure your home buying experience goes well, you will have to go over a few things before you even start looking for a home. The first thing you will have to look into is your credit score. We understand that it can be scary finding out your score and where you stand with your credit, but knowing it prepares you for what kind of options you have when buying a home. Finding out sooner will also help you know which loans will work better for you and it also gives you time to fix any errors in your credit. If you do have any credit mistakes, you can contact your creditors to get everything resolved and up-to-date. 

 

Go Cold Turkey With Your Credit Cards

Everywhere accepts credit cards and applying for credit to receive an additional coupon can be enticing, however, in order to purchase a home and qualify for a home you will have to stop using your credit. We understand that this is the most difficult rule to follow because of all the incentives that come with credit cards, but it will help you when purchasing a home. All you have to do is stop using your credit altogether because any type of charge or inquiry will make your wait for a home even longer. 

 

Pay Off Your Debts

Paying off your debt is a no brainer, especially when you are wanting to use your credit for bigger purchases. But if you allow yourself to fall behind then not only does it put you in further debt but it messes up your chances of ever qualifying for cars and homes. If you are facing a lot of credit card payments then looking at a bigger mortgage loan offer can definitely help you reduce the stress of wondering whether you will be able to pay off everything. It will also help you when it comes to paying your mortgage off too. 

 

Savings For A Rainy Day

It is always a great idea to start a savings no matter what occasion it is for. A savings can really help you when you need to give a down payment when purchasing a home or for any unexpected repairs you might need fixed along the way. Buying a home can be expensive along with being time-consuming, but having a savings will really help you look attractive to the lender you are working with. They will see your savings account as you being in a good position to handle your mortgage payments, especially if you put down a larger down payment. 

 

Budget, Budget, Budget

Budgeting is a beneficial way to prevent spending too much money on (sometimes) ridiculous late night shopping sprees at target and the mall. It is also a good idea to budget when you are planning to make a big purchase such as buying a home. A home is a whole other ballpark when it comes to spending money and you need all the help you can get whether it is from your low credit debt, fixing errors in your credit, making a plan or just saving altogether. Budgets will help you save money since you will be focusing on spending as little as possible which will add to your Rainy Day fund. Budgets can also be used when you are preapproved for a certain amount on a home loan. You can always use less of the approved amount of the loan rather than the whole lump sum. 

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Brian Burds

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