This season I am dealing with numerous first-time homebuyers. If you’re purchasing your first home, here’s how to prepare financially:
- Check Your Credit Score
- Ensure your credit score is in good shape. Pay off debts and fix any errors.
- Save for a Down Payment
- Aim to save at least 20% of the home’s price to avoid mortgage insurance.
- Set a Budget
- Factor in mortgage payments, property taxes, utilities, and maintenance costs.
- Get Pre-Approved
- Secure a mortgage pre-approval to know how much you can afford and show sellers you’re serious.
- Factor in Closing Costs
- Plan for additional expenses like appraisal fees, inspection fees, and legal costs.
- Stay Within Your Means
- Choose a home that fits your budget to ensure financial stability.
With proper planning and smart money management, you’ll be ready to secure your dream home!
