Focus On Your Finances
Homeownership is a long-term financial commitment. The first step you should take when considering buying a home is to review your finances to determine what type of mortgage you can afford. A lender will look at your financial resources to help you begin the homebuying process. Good credit and a larger down payment will get you a better deal in the long run.
Before you look for a house, here are some steps you can take to make sure you’re financially ready to be a homeowner:
- Do an analysis of your current financial situation.
- Develop a household budget.
- Get a copy of your credit report to make sure there are no problems.
- Study how a home purchase will affect your budget. Don’t just look at the mortgage payments – make sure you are also factoring in repairs and maintenance.
- Determine the amount of cash you have available for the down payment and closing costs – and don’t forget the moving costs!
If you’re ready to take the next step in your journey to homeownership, find out how DSHA can help you get there!