Buying a home requires a lot of careful planning. That’s why, today, we’ll cover three preliminary steps all buyers will need to follow to financially prepare for an upcoming home purchase.
1. Set money aside. Having enough money saved to cover your down payment, closing costs, and the expenses associated with furnishing your new home is an absolute must.
2. Determine your monthly budget. Beyond accounting for your monthly mortgage payment, you should also nail down the amount you’re willing and able to spend on other recurring expenses in order to live comfortably.
3. Keep yourself creditworthy. Just because your credit was in good shape when you got pre-approved doesn’t mean you can afford to let it slip while you’re in escrow. Avoid taking out new lines of credit, making other major purchases, or otherwise engaging in potentially credit-damaging activities until you’re past the closing table.
“Avoid any and all potentially credit-damaging activities until you’re past the closing table.”
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
