The road to home ownership is paved with good intention but not much deliberate planning to get there. When it comes to buying a home, having your ducks in a row can make all the difference in getting there! Most of us think about where we want to live, what type of home we want to live in, and all those fun shopping sprees you’ll have to furnish it. Pump the brakes please… Here are a few tips from start to finish to help you really get there:
- Got steady employment? Showing an employment history of minimum 12 months or greater is a step in the right direction. Moving from job to job regardless of the income shows a lack of stability. Lenders love to see a reliable, continuous source of income.
- How’s your credit? Higher credit scores (700-800+) are what lenders love to see. This is accomplished by paying down or off as many bills as possible. However, there are many flexible loan programs that may require less aggressive credit scores so shopping around is always a good idea. Also, remember to make your payments on time, all the time.
- Start to save for your down payment which can vary by lender but is some percent of the sales price. Note: If you are getting a monetary gift towards your home, be sure it is in an account where the funds can be tracked.
- Start gathering together all applicable financial documents that may be required for your loan. They can include bank statements, pay stubs, tax returns, and drivers license or other form of identification.
- Get pre-approved with a lender of your choice. This will help you begin the search for the home of your dreams and give you a better idea of your buying power when doing so.
- Last but not least, get a great realtor!
To Sell or Not to Sell?
