5 Things to Do Now in Order toBuy a Home This Year
1. Minimize your holiday spending and save your cash.Instead of using the holiday sales to acquire a new winterwardrobe of cashmere sweaters, hold the discretionaryspending down so you can give yourself the gift ofhomeownership! If you are seriousabout buying a home, dont run upadditional credit card debt on giftsthis year. Instead, make homemadecards or write holiday letters this yearfor everyone except the kiddos. Andeven for the kids, consider scaling backon the stuff, spending more of your timewith them than your money, and gettingstarted now saving toward your homepurchase.
2.Research financing, areas homes, prices,agents and online. Smart homebuying takes alot of research and knowledge-gathering. Sincemost buyers find it much harder to qualify for amortgage than it is to find a home youd love tolive in, start with studying up on home financingand what it will take for you to get a home loan.
3. Rehab your credit, if you need to. Go to CreditAlert.caand check out your credit reports - from all 3 bureaus.Audit them for errors and do thework of disputing inaccuraciesto have them corrected. Payparticular attention to: accountsthat are not yours/you neveropened, derogatory informationthat should have "aged off" yourreport by now and balances orcredit limits that are inaccurate.These are the errors most likely to foul up your financing,so follow the instructions each bureau provides to correctthem. While youre at it, dont close any accounts, even ifyou are able to pay some down or off.
4. Run your numbers. In the past, someoverextended homeowners complained they feltpushed into a mortgage they couldnt afford.Pundits blamed that on the real estate andmortgage industry, but I have witnessed firsthandmany a homebuyer push themselves or theirspouses into buying too expensive of a home.Eliminate this issue entirely by doing this - runyour own numbers, before you ever even talk toa salesperson or start looking at homes beyondyour means.
5.Talk to a real estate and mortgage broker (1of each). Find an engaged, communicative, tech-savvy real estate broker or agent in your area.
What did you do to save up enough downpayment to buy a home?
Randy BettInvestment Realtor/Author/InvestorReal Estate Professionals Inc.Better Group Real Estate202-5403 Crowchild Trail NWCalgary, AB T3B 4Z1Phone:403-774-7464 Ext:1Fax:403-208-0082Toll Free fax:888-711-6801