Steps You Can Take to Get Ready for Homeownership in 2019
Posted by Eric Skates on
Are you dreaming of homeownership? Just because you're not ready now, doesn't mean you can't start taking steps towards homeownership in 2019! Here are some helpful tips for getting your journey to homeownership started, to help you figure out what you're looking for in a home, what you can afford, and how to get yourself psyched up to find your dream home while you wait.
Check your credit
Your credit score will play a big role in your loan journey, so before you do anything, it is a good idea to get an idea of where your credit stands (don't worry Equity Prime Mortgage has low credit score programs as well if your credit is less than perfect). You're able to get a free, full copy of your credit report from all of the major nationwide credit reporting companies once a year, so request yours (if you don't know how, the Consumer Financial Protection Bureau has all the info you need) and see where you stand. You'll be able to see your credit score and all the factors that affect it, so if you need to raise it, you can also start taking steps towards repairing your credit.
Figure out what you can afford
Once you know where you stand with your credit, start working on figuring out how much you can actually afford so you know what your price range is for potential homes. There are plenty of online calculators you can use to help you do the math here's a link to one on the Equity Prime Mortgage website. You can also speak with a local mortgage loan originator, visit our website to find an MLO near you.
Create a down payment plan
It would be a good idea to create a plan for how to save for your down payment. While it can seem intimidating to save enough money for your down payment, if you come up with a plan and stick to it, you'll be surprised how quickly your savings will grow! Think about things like how much you need to save each week or month towards your down payment and where you plan to save it (do you want to keep it in a separate savings account, or maybe invest it somehow?).
Now it's time to figure out what you want out of your home, start researching neighborhoods you might want to live in—along with looking at home prices, look into local school system, see what amenities are around (like parks, grocery stores, shopping, etc.) to get a feel for the areas you're interested in. If you live close enough to physically explore those neighborhoods, go visit them and see which ones feel right!
Start reading listings
Keep an eye on the real estate listings in your desired areas, it will give you a good idea of what homes generally sell for in the area, how long they stay on the market, and who some of the more experienced Realtors are in your area.
Attend open houses
Attending open houses can help you understand the housing market and figure out what's important to you—plus it will give you practice for when you're actually ready, and will help you connect with potential Realtors for the future. Go to a few open houses in neighborhoods you're interested in to see what you're working with, and by the time you're ready to start making offers, you'll be a pro.
If you have any more questions please contact us we will be happy to put you in touch with one of our loan officers, or you can go ahead and see how much of a loan you prequalify for by applying here.