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Buying a home is a huge investment. For most people, it is the largest purchase they will ever make. Before you jump into the wonderful world of homeownership, however, make sure you are prepared. Learn about credit score requirements, mortgage options and other must-do’s as a first step.
Have a checklist
Whether you are a first-time buyer or an experienced owner, buying a house requires a “preflight check,” in the words of Barry Zigas, director of housing policy for the Consumer Federation of America.
Read on for Bankrate’s 6-item checklist, including tips on the types of savings you need, plus advice about what matters beyond purchasing a home at its resale value.
- Strengthen your credit score
- Figure out what you can afford
- Save for down payment, closing costs
- Build a healthy savings account
- Get preapproved for a mortgage
- Buy a house you like
By Dana Dratch • Bankrate.com