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Steps to Prepare for Homeownership

If you’re thinking of buying a home, it can be daunting to determine which steps to take in order to start. When you work with Tim Cowan Real Estate, each step will be broken down into bite-sized pieces so that you can be confident in moving forward with the process.

Here are some good starter tips from Keeping Current Matters:

1. Start Saving – Even Small Amounts – Now

“Experts agree, setting aside what you can – even smaller amounts of money – into a dedicated savings account is a great starting point when it comes to saving for a down payment. …Saving in smaller increments can help make a large goal – such as saving for a down payment –achievable.”

2. Assess Your Finances and Work on Your Credit

“Another tip experts recommend: take a look at your overall finances and credit score and find ways to reduce your debt. According to the HUD, the average credit score of first-time homebuyers is 716. If you’re not sure what your credit score is, there are numerous online tools that can help you check. If your score is below that average, don’t fret. Remember that an average means there are homeowners with credit scores both above and below that threshold.

If you find out your score is below the average, there are several ways to improve your credit before you apply for a loan. HUD recommends reducing your debt as much as you can, paying your bills on time, and using your credit card responsibly.”

3. Start the Conversation with Your Advisor Today

“Finally, it’s important to talk to someone who understands the market and what it takes to become a first-time homebuyer. …A trusted advisor can help you navigate your specific market and talk you through all the available options. Having the right network of real estate and lending professionals in your corner can help you plan for the homebuying process as well as determine what you can afford and how you can get pre-approved when you’re ready.”

Ready to speak to a real estate advisor? Contact Tim Cowan at:

Phone: 678-787-2720

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