With 2016 behind us, and the beginning of 2017 underway, many folks take a step back and look at their New Year’s resolutions and what they would like to accomplish in the coming year. While reflecting on their aspirations for the year, many renters and first-time buyers have the goal of purchasing a new home in 2017.
If buying a home is one of your New Year’s resolutions, take some time to figure out and assess where you are now, and where you need to be in order to buy a home. Doing an assessment with a qualified mortgage loan officer will help you determine where you are at financially, and things you can to do to help you prepare to buy a home.
Examining Your Savings, Debt and Credit
An important aspect of your financial picture is your amount of savings; however, there are many programs in place to help buyers purchase a home with a small down payment. Still, some money will need to be set aside for things like the home inspection, home appraisal, and closing costs. There are ways these costs can be minimized, but it’s still a good idea to get an idea of what you have so you can determine what you need in order to buy a home.
Additionally, it’s a good idea to take a look at your debt. Are there things you can pay down, and do some budgeting so that you can afford the payment that you are shooting for when buying a home? Something else to consider is your credit history and credit score. Since they affect your mortgage qualifications, you can start taking steps to fix problems and boost your credit score.
There are many benefits to buying a home. You will be in a property that you own and control and will have other financial benefits such as tax write offs and the home appreciation. The first step is to determine where you’re coming from so you can plan where you’d like to go. Start on that path by giving a good mortgage loan officer a call.
You can give Pete Thompson, your Chicago area mortgage guy, a call at (630) 481-7188 or visit www.PeterThompson.team to figure out where you are now and where you’d like to be, so you can move into a new home on the best terms possible. Happy New Year!