Exclusive Buyer

If you don’t think you’re quite ready to buy your first home, start by figuring out what you can do to get yourself there. A little preparation goes a long way! There are several steps you can take to get you started on your journey to purchasing a home. • Improve your credit score. • Start saving up for a down payment and closing costs. • Build up your savings account. • Research recent home sales in your area/neighborhood, and see what options are available as well as what you might be able to afford. Note: If you currently own a home, consider upgrades that could net you a positive return on investment when you do decide to sell your home. STEP 1: IMPROVE YOUR CREDIT SCORE First, you must improve your credit score if you hope to get a mortgage loan to purchase your home. The higher your credit score rating, the better deals you’ll be able to grab. With a credit score of “below 660 or 680, you’re either going to have pay sizable fees or a higher down payment,” says Barry Zigas, director of housing policy for the Consumer Federation of America, as reported on Bankrate.com. A credit rating of 750 and higher will give you the best rates on the market, but 700 and up will still help you find a good deal. Access your credit report to see where you’re at. Settle any outstanding debts. Research what you can to improve your score. Don’t apply for any new credit for a full year before you decide to apply for a mortgage.