So, you're wanting to take the leap from renting to owning your own home. Curious about what you need to do to prepare? It's ideal to begin preparations for the purchase of your first home 6 months to a year in advance.
Here is Part 1 of a 7-step checklist that will help you secure the home of your dreams:
- Strengthen your credit. There are free credit-score programs online that you can utilize to see where you stand with credit companies. This will help you get financing for the home you want and at lower interest rates, as well as fix any past problems before visiting a lender.
- Save cash. Lenders want to know you are able to make your mortgage and are financially responsible. Plus, if you don't use the money initially for the financing (down payment or earnest money), you can put it into your new home - buy new furniture, renovations, or for landscaping - to really make it your own.
- Discover potential neighborhoods. Take a drive and scope out the areas you are interested in living in. How is the traffic? What conveniences or schools are close by? How far is the commute? These are all important things to note before you start making offers on a home.
Join us next week for part 2 which contains the next 4 steps to buying your first home.
As always, you can contact Paul Herbert, your professional, friendly REMAX realtor, to answer any questions you have about real estate here in Southern Utah.