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You’ll want to consider how your credit score, debt level, savings, and other factors stack up before you get too far along in the homebuying process. The good news is that there may be ways to improve them so that you’ll feel confident in taking the next step.
A house may be the largest purchase of your lifetime, so it’s no surprise you may feel a range of emotions when beginning the homebuying process. Checking different aspects of your finances, including your credit score and your savings, may help you understand if you’re prepared to buy a home or if you might need to take a few more steps to get ready. The good news is that there are ways to help improve your finances to make sure you’re on solid ground before you start looking for homes.
Do you know where you stand? Take our five-question quiz to find out.
Am I financially ready to buy a home?
These five questions may help you determine if you're ready and what your next steps should be.
Working hard to pay down debts, increase your credit score, and save for a down payment will put you on the right track for buying a home. Now, you have a short list of how to strengthen your financial situation. Remember, the most important part is that you have a plan to secure a down payment and cover the cost of your mortgage each month.
Next steps
No matter what your quiz results told you, the fact that you’re thinking critically about your financial situation is a great first step to becoming a responsible homeowner. A home mortgage consultant can help you understand what aspects of your finances lenders will review, and a prequalification may help you see if you’re on track. Knowing that you have a strong financial base can make you more confident that you’ll be able to manage your money successfully as you purchase a home and move forward in your life.
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