How To Prepare To Buy A Home

In most visions of the future, people can see themselves buying a home

. It is an exciting life event and one that most certainly should be prepared for. Now the question is, what can you do now to prepare for a home later?

First, be patient. Buying a home is an exciting thing that makes sure you are financially prepared before you purchase your home.

Remember that buying a home-especially your first home-is a huge decision. Take your time, don't let brokers pressure you, and make sure you're ready. It's better to buy a home when you're financially prepared to do so, not just because rates and housing prices are low.

Second, start preparing financially. This would mean saving money with purchasing a home in mind, maintaining a good credit score, and staying as much out of debt as possible. These three things are your home purchasing financial foundation.

Making a budget is one of the best ways to save money or at least see where your money is going. When you are planning to purchase a home establishing a budget for you and your family is one of the best ways to save.

It is important to save because having a down payment of up to 20% of the home you want to buy is almost a necessity in today's tighter credit market. Not only will you need a down payment, many mortgage lenders will want to see that you have at least six month's worth of mortgage available on hand.

You will also want to improve your credit score. Maintaining a good credit score requires continual work. Your credit score is important to your home buying because the bank bases loans off the credit score you have established.

Many financial advisors have said that you staying out of debt is one of the best options. Many say that is unwise to go into debt for anything except an education, home, and a modest form of transportation, if needed.

Although this is not always possible or may be difficult, it is wise to stay close to this advice. It will keep you from getting into large money problems now and in the future.

Third, start noticing features you like when visiting different homes and buildings. Start compiling a list of the things that you notice. This may include porches, siding, kitchen features, vaulted ceilings, etc.

Your first home will most likely not include all of these features. But, you can always remodel or change things around when you own your home.

It is also important because when you start to envision a home you will be more motivated to stay on track financially and make your dream into a reality.

Buying a home is a big deal. You should start today to prepare for the day when you step into your first very own home.

by: Jack Landry

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