Guidelines for First Time Homebuyers

Home ownership is a big investment in time, money, and lifestyle. To get the most for your money, follow these four guidelines.

1. Boost your credit score. How? Request your free credit report at the start of the year. Dispute issues and pay off debt. Refrain from opening new credit lines and avoid buying big ticket items such as cars and furniture, as this will cause your score to temporarily drop.  Your credit score influences your mortgage approval and rates.

2. Save for a down payment. Also to get the best mortgage rates, plan for a 20-30 percent down payment. Cut optional expenses and save that money for either a down payment or private mortgage insurance.

3. Do your research. Determine what type of loan you want (conventional or unconventional), what you can afford, and what you qualify for. An online mortgage term comparison calculator will help you get an idea of the cost. To see current rates and get quotes from local lenders, click here.

4. Find the best Realtor. In an age dominated by technology, a Realtor remains irreplaceable. Buying a house is stressful—let a professional guide you through the process, negotiate on your behalf, and handle paperwork. Realtor.com suggests looking at various Realtor’s client testimonials—read mine here. I work with both buyers and sellers in the Central Ohio area. If I can help you or someone you know, please contact me.