Three Resolutions To Make 2019 The Year You Buy A Home
For a majority of us, January is often a time to assess our goals and make resolutions for the new year. Is buying a home on that list? If you’re a first-time buyer, or entering the market after few years, don’t feel overwhelmed – simply follow the resolutions below to help achieve your dream of homeownership!
Improve Your Credit Score
Do you know where your credit is at? Did you know that your credit score has an impact on how much you will pay for a home? If your credit isn’t where you want it to be, doing these simple things can make a difference to your score:
- Work on paying down your debts and credit card balances. While small changes won’t get you’re a perfect score, you might get a little boost. Even a small increase can mean lower interest rates when you buy.
- Pay bills on time, every time! Late fees can damage your credit, so stay on top of your monthly expenses.
- Steer clear of big purchases! Opening a new card or maxing out an existing card may be a red flag to a lender.
Get A Mortgage Pre-Approval
While shopping around for houses can be fun, you don’t want to waste your time looking at homes you can’t afford. That’s why working with a lender early in your homebuying journey is a good idea. Getting a mortgage pre-approval from a lender shows you how much you qualify for and tells sellers that you are a serious buyer.
Boost Your Savings
Buying a house comes with costs, so start saving early! Put money aside when you can so you are more prepared for a home purchase. Once you’re pre-approved, you should have a general idea of how much your monthly mortgage payment will be. However, don’t forget about down payment funds, closing costs, moving costs, insurance, and other expenses that may come with a home purchase. Plan ahead so you have a realistic budget (and maybe some extra cash to buy that new couch)!
Sticking to a few simple, but important, buyer resolutions can help make 2019 the year you buy a home! As always, our team of mortgage professionals is here to answer any questions you may have!