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Before Buying A House Make Sure Your Finances Are In Order
Before Buying a House, Make Sure Your Finances Are In OrderAUTHOR: TANNER SCHWIEN
- Keep track off how much money you are making and spending each month. Account for all costs including rent, groceries, utilities, student loans, vehicle costs, etc. Determine how much you have left over each month. If needed, figure out where you are spending too much money and where you can cut costs. Consider saving excess money each month until you have enough for your down payment.
- Know your credit score. In order to get a loan you will most likely need a minimum credit score of 600. The higher your score, the more favorable interest rate you will likely be able to obtain. Knowing your score, and fixing and credit issues before getting too excited about buying a house is a must.
- Pay-off debts. If you come across an issue on your credit report that is keeping you from securing financing for a home, taking care of the issue quickly will help you get a loan. If you have too much debt, it may keep lenders from approving a new loan.
- Get pre-qualified. After you know your credit situation is in order, you can talk with a lender about how much mortgage you can afford. This will give a rough estimate of what price range you should consider.
- Pre-approval. Once you are ready to start looking for a home, you will want to get pre-approved for a loan. This amount may differ from the pre-qualified amount, and will be a more accurate representation of just how much house you can afford. This will also help speed things along once you find the right house to put an offer on.
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....