This season I am dealing with numerous first-time homebuyers. If you’re purchasing your first home, here’s how to prepare financially:

  1. Check Your Credit Score 
    • Ensure your credit score is in good shape. Pay off debts and fix any errors.
  2. Save for a Down Payment 
    • Aim to save at least 20% of the home’s price to avoid mortgage insurance.
  3. Set a Budget 
    • Factor in mortgage payments, property taxes, utilities, and maintenance costs.
  4. Get Pre-Approved 
    • Secure a mortgage pre-approval to know how much you can afford and show sellers you’re serious.
  5. Factor in Closing Costs 
    • Plan for additional expenses like appraisal fees, inspection fees, and legal costs.
  6. 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!