As you make your decision to try to buy a home, you also begin a process of intense deliberation and crucial considerations. Because purchasing a home is a large undertaking, it certainly should not be done spontaneously! As you prepare to speak with your Clagett Enterprises agent, be sure to get yourself started with these important initial steps.
Check Your Credit Score
A key factor to consider as you purchase your first home is your credit score. When it comes to financial decisions, your credit score ultimately dictates whether or not you can buy your dream home in the near future. A credit score can be influenced by your past lines of credit, in addition to your debt-to-income ratio. As you plan to buy, your credit score will need to fall between 620 and 680, in most cases. Before you make any further plans of buying a home, it is imperative that you look into your credit score. This is also an important means of maintaining your credit in other ways, such as looking out for potential errors on your detailed credit report. While disputing a mistake could take some time, it will be worth it if it allows you to buy a home that you love.
Determining Your Financial Situation
The most important piece of advice to consider as you purchase a home is to buy a house within your financial means. With this in mind, be sure that your home mortgage payment does not exceed 31 percent of your income each month. By determining a realistic debt-to-income ratio, you will help you settle on a number that you are capable of paying monthly.
Strengthen Your Savings
Your savings habits should start long before you begin planning for buying a home. By setting aside money each month, you will be able to save for an excellent down payment and be able to afford your closing costs comfortably. It is also important to begin saving money for your mortgage payments in the future. Before you buy, try to accumulate at least three months worth of mortgage payments in your savings. These savings will also assist you in your loan application and can also serve as a financial cushion should any unforeseen issues occur in the future.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.