More than just real estate

First-Time Homebuyers: Begin with the Basics

If you’re taking a look at today’s housing market, it’s impossible to ignore the many signs that say “Buy Now.” While current buying conditions present viable opportunities for first-timers, it still requires serious work to make the significant financial leap. As a soon-to-be homeowner, you must get your finances in order during the months leading up to the purchase.

Today’s market presents an excellent opportunity for first-time buyers to find competitive home prices and very low interest rates. But none of that matters if there isn’t a good sense of your financial situation before starting your search.

Here are some useful starter steps:

  • Run a credit check. When a mortgage company considers you for a loan, it checks into all your vitals including your credit scoreThey want to see how responsible applicants are when it comes to paying bills on time and if they have a detrimental amount of debt. These expectations have risen significantly in past years making it even more important to know your score and possibly improve it before applying. (more…)

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