homeownership comes with challenges, but also many, many rewards. It’s an exciting and amazing decision, one that you won’t regret, but one that requires sign ifi cant preparation. If you don’t think you’re quite ready to buy your fir st home, start by fig uring out what you can do to get yourself there. A little preparation goes a long way! Th ere 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 a ff ord. 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. Th e 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 yo u fin d a good deal. Access your credit report to see where you’re at. Settle any
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