Preparing to own a home requires you to take a close look at your personal finances. Here is a list to help you get ready. For more info, visit realtytimes.com.
- Get your credit in line - Do you have a lot of credit cards or outstanding loans? Do you pay your bills on time? These are things a lender will look at, so it's important to check out what your credit score is, especially if changes need to be made.
- Track your spending - If you're going out to dinner 4 nights a week and buying expensive outfits all the time, you need to track it in order to see where you can cut back before purchasing a home.
- Create a budget and stick to it - It may be difficult at first, but this will help you in saving enormously and help you avoid sticky situations.
- Save, save, save - Create a savings account if you don't have one, and make a conscious effort to put money into it as often as you can. Remember, if you need to pay a 20% down payment on a home, having money up front is essential.
Jeff Mateja is the CEO/REALTOR at Universal Properties at Keller Williams Realty in Portland, Maine, and founder of ILovePortlandMaine.com, a blog about everything Portland, Maine, and beyond. Jeff also offers two premier home search tools for Buyers via FindPortlandHomesNow.com and FindMaineHomesNow.com. If you would like further information on any blog topics, please e-mail Jeff Mateja.
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