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What to Do a Year Before Buying Your First Home

What to Do a Year Before Buying Your First Home

The ultimate timeline ensures the smoothest of transitions to home ownership.

A real yard. Closets bigger than your average microwave. The freedom to decorate however you darn well please! Making the switch from renting to owning is exhilarating, but many rookie homebuyers find the process trickier to navigate than they expected.

This is why we created our First-Time HomeBuyer Checklist. The 12-month timeline will help you sidestep common mistakes, like paying too much interest or getting stuck with the wrong house. (Yep, it happens!)

12 Months Out

Check your credit score.Get a copy of your credit report at annualcreditreport.com. The three credit bureaus (Equifax, Experian, and TransUnion) are each required to give you a free credit report once a year. A Federal Trade Commission study found one in four Americans identified errors on their credit report, and 5% had errors that could lead to higher rates on loans. Avoid last-minute bombshells by checking your score long before you’re ready to make an offer. And work diligently to correct any mistakes.

Determine how much you can afford. Figure out Lenders are happy to lend you as much as your debt load allows. But will that amount make you house poor? Ask yourself, how much house do I really want to afford?how much house you can affordand want to afford. Lenders look for a total debt load of no more than 43% of your gross monthly income (called the debt-to-income ratio). This figure includes your future mortgage and any other debts, such as a car loan, student loan, or revolving credit cards.

There are plenty of calculators on the web to help you determine what you can afford. If you’re pushing the limits, start reducing your debt-to-income ratio now. To get a reality check on what you may actually be spending every month, use this worksheet.

Read more here: https://www.houselogic.com/buy/first-time-home-buyer/first-time-home-buyer-guide/

Posted in: In The News Tagged: Bel Aire Homes for sale, Derby KS Homes for Sale, Homeowner news and tips, homeowners, Homes for Sale in Derby KS, kansas luxury real estate agents, kansas top agents, Wichita, Wichita Homes

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Heather Stewart

Coldwell Banker Plaza Real Estate
12221 E Central Ave.
Wichita, KS 67206
Phone: (316) 204-3645
©2019 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.

 

 

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