Financial Fundamentals for Buying a Home

If you are thinking about purchasing a home, here are some essential tips to take before you start the home buying experience. These key steps will help make the buying process more efficient and less time consuming. Remembering these hints will ensure your financial success in the long run.

1. Save for a down payment: A helpful strategy is to have automatic portions pulled out of your paycheck and into a separate account to produce a house fund. Your down payment could potentially even be lower than 20%. If you start saving now, you will reach your savings goal a lot more quickly than you might think!
2. Build your credit: A strong credit score is one of the most important factors to consider during the home buying process. Your credit score will decide the home loan that you will be able to qualify for. A higher credit score will also impact your mortgage interest rate by leading to a lower monthly payment. Remember to always pay credit cards and loans on time to help build your financial success. 
3. Connect with a trusted agent: Connecting with a Seven Gables Advisor will allow you to make strong decisions throughout the journey to find your dream home. Real estate professionals truly understand the market and will help assist you in finding the right home for your family. They will provide the guidance and support to allow you the best possible investment in the property you are interested in. 
4. Pre-Approval: Contact a loan officer today to begin the process of getting pre-approved! A pre-approval letter shows how much money you will be allowed to borrow which will decide the amount you can afford for a home. This method will also help to show the sellers that you are serious about buying their home.

Staying organized from the beginning of the financial process will help ensure your success during the purchasing process. Keeping your financial plan on track will be important as you navigate through the decision to buy a home. Connect with a Seven Gables advisor to learn more about the financial fundamentals of purchasing a home!