If a new house is in your plans, there is information you should be armed with to put yourself in the best position possible when the time comes to buy, including:
1. Check out your credit report. You don't want to be shocked if you find inaccuracies.
2. Get pre-approved for a loan.
3. Be realistic! Just because a bank approves you for a certain amount, it doesn't automatically mean you should find a house for that amount.
4. Determine how much cash you'll have available for a down payment and closing costs. The higher your down payment, the lower your monthly mortgage payment & the possibility of qualifying for a better loan.
5. Avoid any major purchases, like a new vehicle, you may have a harder time getting a loan.
6. Keep an eye on interest rates. If they creep upward, you may want to lock it in.
7. Make a budget now as if you have a mortgage payment, monthly expenses (utilities, insurance, maintenance & repairs ) etc, that come with owning a home. After 6-12 months you'll know whether you can swing the extra payment.
8. Gather your paperwork,paystubs,bank & tax doc's, etc for the past two years.
9. Begin thinking about homeowners' insurance now. With the recent spike in hurricanes some areas of Northeast Florida are seeing soaring insurance rates.