Since many seem to consider owning a home to be an important component of the so-called American dream, it is important to recognize that many factors come into play. Many put their emotional feelings, etc. first, but unless/until the basic financial/economic needs of home ownership become significant and essential, there is a risk that it will instead become in a dream. it may end, like a nightmare, instead! After more than 15 years as a licensed real estate seller in New York State, I firmly believe that there are at least 5 financial essentials for new home buyers. With that in mind, this article will briefly attempt to consider, examine, review and discuss these and why they are important.

1. No new debt: Once someone decides they want to buy a home and, like most, will take advantage of a mortgage, in order to achieve their goals, they must proceed, with the discipline to avoid, add on, any additional debt and especially new rates. This means that no matter how good a credit offer looks, doing it too close to shopping for a home loan can negatively affect the results.

two. Pay off existing debt: Lenders use various guidelines and ratios/ratios, etc., to determine your scores. One of the keys is the ratio of debt to earnings, and another is the ratio of used/used debt, credit limits, etc. Therefore, start the process, paying off – a part of the existing debt!

3. Carefully review the Credit Report: These days, there are many ways to get a free copy of your Credit Report (Federal Law states that you have the right to receive it, free of charge, once a year). Get yours and carefully review it thoroughly to ensure its accuracy and/or if there is anything concerning about it. If there is, address and correct it before you begin. Also, if you feel uncomfortable doing it, take advantage of the professionals available.

Four. Hire the right mortgage banker for you and your needs: Ask for recommendations, in this area, and hire the right company and individual to meet and address your needs, concerns, priorities and perceptions. All Mortgage Bankers Are Not Created Equal!

5. Be certain that the home evaluates: Carefully review carefully created, professionally designed, Competitive Market Analysis, and use it, as a guide, when buying a particular home. If you don’t assess your home for what is needed and needed, you won’t be able to get the size, mortgage you may be looking for and/or need! Remember, a specific down payment is usually required for each type of loan.

Make homeownership and the process leading up to it much less stressful! Has no sense?