Get prepared! Financial steps before you buy a home

How can I financially prepare to buy a home??

 

Step 1- Take your budget where do you spend Money? What are the areas you must keep and those you can love. Remember life is choices choose where to spend your money. Look at voluntary deductions and get expenses under control

 

Step 2- Go through all of your assets total what you have and from the budget talk above how much do you need to protect. What do you need for reserves to be safe as a family? Examine liquid, assets you can sell, 401k and cash value life insurance what can you come up with for down? Talk to family if you are going that route of a gift know your maximum assets for the purchase and beyond.

 

Step 3- Go on www.annualcreditreport.com and pull your own credit. The credit three bureaus being pulled means you know any works to be done before you buy. This is free for an additional fee you can get credit scores. The scoring models on these sites have slightly higher scores than the ones mortgage firms use yet still useful tool.

 

Step 4- discuss jobs are they stable? Are you staying in the area? Are yopu dedicated to this goal?

 

Step 5- get pre-approved

 

Thanks

 

Alan