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3 Things to do Right Now if You Want to Buy a Home This Year

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3 Things to do Right Now if You Want to Buy a Home This Year

Buying a house can be overwhelming, especially if it’s your first home. You might be wondering where to even start. The answer is: start with the small stuff. Here are three things you can do right now to put you on track to purchase a home in 2020.

  1. Check Your Credit

Knowing your credit score is imperative to the home-buying process. A higher score means a lower mortgage rate and a bigger budget. Checking your credit in advance gives you time to catch errors on your report as well as take steps to improve your score if necessary. Credit bureaus like TransUnion, Experian, and Equifax make it easy to access a free annual credit report. You’ll want to look for errors, suspicious activity and overdue or missing accounts on your report an take action immediately to rectify any abnormal activity.

  1. Determine What You Can Afford 

The next step in the home buying process is figuring out what you can afford given your income and existing debts and expenses. To get an idea of your budget, take a look at a mortgage calculator. Resources like these make it easy to enter your information to determine what home price and monthly payment you can comfortably afford. Understanding your budget allows you to hone in on locations that are best suited for your price range.

  1. Start Saving for Your Down Payment

It’s important to implement a savings plan now to make sure you get the benefits of a decent sized down payment. Your down payment impacts your buying options and effects how affordable your house is down the road. A 20% down payment isn’t always necessary but, the smaller your payment is, the larger your loan balance and monthly payments will be.

Purchasing a home is a long process, but these three steps will put you on track towards buying the house of your dreams. If you understand your finances, start planning now and begin saving immediately, a new home may very well be in your future this year!

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