With the start of spring, many people turn their attention to purchasing a new home. Are you in the market to buy your first home? It can be a big decision and getting advice from people you trust can help ease the process.
The first step is to figure out if becoming a home owner is the right thing for you. If you are excited about owning a home, you should be well informed of all the responsibilities that come with homeownership. Home ownership is a great step in your life and it should be a solid step.
Next, you will need to figure out a budget. Do not ask your banker or wait for your banker to tell you how much you can afford; you should already have a good understanding of how much you can afford monthly, based on your income and your lifestyle.
In order to qualify for a loan, you need to have a good credit score. Do not try to figure out this part on your own. Ask your banker to help you understand the credit report and what it means to you. Or meet with Financial Coach at Prosperity Connection to help you improve your credit.
By René J. Vences Jr., AVP Home Loan Officer, Carrollton Bank