Are you thinking about buying a home? The video provides a few tips that will help you put yourself in a good position to do so. The presenter says that you should first speak to a mortgage professional. Have them run your credit score and review your income.
This can help you develop goals to pursue. You may be in a better position than you think to buy the home of your dreams. On the other hand, you may need to improve your financial position before buying the house you want.
The first tip is to work on a down payment. You don’t need to put 20% down, as many people think. You can buy a home with as little as 3-4% down. Next, you want to set a budget. You must get a handle on the amount of money you spend every month and compare that with your income. This will tell you the amount you can spend on a mortgage. Remember, the lender will tell you what you qualify for, not how much you can afford on a monthly mortgage.
You may also need to work on your credit score. It can significantly influence your mortgage payment. Anytime you use more than 50% of your credit limit, the credit bureaus view it as a negative. Try to get it down to 30%, which can be done by calling your card company and seeing if you can raise the limit.
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