I Want To Buy a Home This Year. What Should I Do To Make It Happen?
It’s easier to buy a home than you think with a little bit of planning.
Maybe you have the desire to purchase a home, but you’re not sure where to begin. Here are a few tips that can get you ready for the best, and most important, decision of your life.
1. What do your finances look like?
Have you taken a good, in-depth look at what you make versus what you owe every month? This is called a “Debt-to-Income Ratio” (Or DTI), and it’s one of the guidelines lenders use to determine just how much of a home loan you may qualify for. Most lenders are looking for a DTI of under 43%. You can find out your DTI by adding up all of your monthly expenses, and dividing them by your monthly GROSS income. Is your DTI a bit high? This is a good opportunity to take steps to adjust your budget accordingly to try and bring it down to a level that will accommodate your lender to provide you with the best loan possible.
2. What does your credit look like?
For the most part, if you are in the habit of paying your bills on time, your credit score may look pretty good. You can find out your credit score by requesting a free credit report from the following agencies.
You are allowed one free credit report per year, so make sure you get one from each so that you can compare information to make sure everything is updated and correct. You may also dispute any incorrect pieces of information that may affect your overall credit score.
You’ll also want to take care to use credit wisely, and to make sure your overall balance-to-credit ratio isn’t too high.
3. Contact a licensed, professional, full-service real estate agent.
You KNEW this was coming, right? 🙂 But it’s true. It costs you nothing as a buyer to hire us to represent your home purchase interests and steer you in the right direction so that you can achieve all of your real estate goals. We have nearly 30 years experience in the real estate industry, and are connected with lenders and other real estate affiliates to help you get into the home of your dreams. Contact the Elgin and Pilar Walker Team, and let us help you make 2015 the year you begin to benefit from home ownership.
Elgin & Pilar Walker
Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
Office: (661) 290-3781
Mobile: (661) 347-6248