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Prepare Financially for Buying a Home

Prepare Financially

Five things you can do to prepare financially for buying a home

Let’s face it, you don’t buy a house every day. Even if this isn’t your first time, you want to be sure to avoid any surprises that might affect your chances of being approved for a mortgage loan. Here are five things you can do to prepare and avoid anything that might slow down the approval process and put your dream home at risk.

1. CHECK YOUR CREDIT REPORT

To get a combined report from the three primary credit bureaus – Transunion, Equifax and Experian, go to freescoreonline.com. Review the report for any inaccuracies. Look for accounts that don’t belong to you, or have outstanding past due bills you know have been addressed. Instructions on how to request changes are here as well.

2. REVIEW YOUR FINANCES**

Take a close look at your monthly income in comparison with your spending. Identify area where you could cut back. Ideally your monthly expenses should be no more than 29% of your gross household income. Use this opportunity to review and tighten up your household budget.

3. ELIMINATE DEBT WHEREEVER POSSIBLE

Take a close look at your monthly income in comparison with your spending. Identify area where you could cut back. Ideally your monthly expenses should be no more than 29% of your gross household income. Use this opportunity to review and tighten up your household budget.

4. SAVE FOR YOUR DOWNPAYMENT

Paying down credit cards and other debts enables you to begin saving for that all important down payment, The more money you’re able to put down upfront the more home
you can afford and/or the more manageable you monthly mortgage payment will be.

5. AVOID ANY ADDITIONAL DEBT

As you get closer to applying for a mortgage you want to avoid opening new credit card accounts or making large purchases, such as a car, loan that affects you monthly cash flow and could raise a red flag with a potential lender. Avoiding new debt is even more critical during the application approval process itself as any change to your overall financial situation will require updating documentation for underwriting, all of which could jeopardize your final approval.

Ideal Lending Solutions has locations across the great state of Florida to assist you.

Mortgage Financing in West Palm Beach | Mortgage Financing in Boca Raton | Mortgage Financing in Jupiter | Mortgage Financing in Aventura

*AFN is not a credit repair agency and provides no credit repair services.
**AFN is not a tax or financial advisor, and individual tax circumstances may vary. Please consult a licensed tax professional and appropriate government agencies to determine tax consequences of home ownership.

Ideal Lending Solutions | West Palm Beach | Boca Raton | Jupiter | Aventura
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Equal Housing LenderAmerican Financial Network, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.

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