How to Financially Prepare to Buy a Home in 2017

If you want to buy a home for 2017, make sure to follow these important and necessary steps to make it a smooth process. 

If you want to purchase a home for 2017, be sure to follow these great and helpful hints on how to financially prepare for this journey.

  1. Check Your Credit Score – A credit score is a numerical representation of all of your credit history. These scores range from 300 to 850, and the higher your score, the better you look to banks and other lenders. Good credit will get you the best mortgage option with low-interest rates. The lower the rate, even if it is a percent or two, could potentially save you thousands of dollars.
  2. Do Not Open New Credit Cards – A new line of credit is the last thing you need when looking to buy a home. The credit line that is created when you open a new credit card can change your whole application and mess with the numbers so that your mortgage payment is higher.
  3. Keep an Eye on Interest Rates – If you hear that interest rates are near historic lows, you should not assume you’ll get that rate. This is where knowing your credit score can come in handy. Everyone’s financial situation is different, so make sure to talk to your agent/lender to get the best rates possible.
  4. Interview Real Estate Agents – The right real estate agent can help you find a home quite easily. Make sure to interview them to ensure you have the right one.

Buying a home can be tough, but if you know the simple stuff, you can make it a lot easier for you and your real estate agent. Contact Dean Rathbun when it comes time to finding the perfect plan of action to buy your home. We are happy to help you.