Planning to Buy? Top 5 Habits to Make in 2017

Happy 2017, friend! This year has already been off to a great start and I hope it has been the same for you!

If one of your New Year resolutions was to buy a home this year, then you're in luck! Taking the time to make sure you're prepared will ensure the highest chance of approval and purchase in this New Year. Large purchases do take some planning and for the sake of saving yourself some stress when it's "go time", start implementing these new habits ASAP.

Ready to learn some great habits? Let's go!

HABIT 1 - Budget, Budget and Budget Some More

If you don't already, start living on a budget and get really good at planning around it. Don't beat yourself up though, it does take practice and diligence but give it some time and you'll become a budget pro. Know that the more you stick to it, the more you'll be able to save for that down payment! Win-win.

HABIT 2 - Check Your Credit and Keep It Healthy

In order to qualify for a mortgage, your credit will be checked to determine how risky a candidate you are for a home loan. If you're always late on payments, have defaulted on a student loan or have over-extended your credit cards, chances are, you won't be approved.

Practice makes perfect here too. Make payments on-time by setting up auto-pay and contact any agencies that you have defaulted on and work out an arrangement to get back on-track. If your credit card balances are high, refer back to HABIT 1 and get on that budget and use some of your savings to pay down balances.

HABIT 3 - Automate Your Down Payment Savings

If you're struggling to save, then setting up a recurring transfer into a down payment savings account, could be your saving grace. The old saying holds true because what you don't see, you don't miss and with the auto-transfer, if you transfer a bit every time you get paid or make a deposit, before you know it you'll have a good chunk of money saved for a down payment.

Even if you're purchase plan is several months out, these are all things you should be doing now to make sure that your dream of home ownership, comes true. When you are ready to buy, give me a call and we'll work on getting you pre-approved. :)

Happy New Year and happy habit making!

Kelli


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