New Year's Resolutions

2018 is fast approaching and now is the time to determine your New Year’s Resolutions. Is one of your goals in 2018 to buy a new home? We’ve started a list of resolutions you might want toconsider as you strive to meet that goal.

·        Resolve to take care of your credit score. There are many free resources online to check your score and see where you stand and many even offer counseling services. Several factors affect your score such as your debt to income ratio which means how much debt you have compared to the money you earn. If your debt is high, it’s time to concentrate on paying it down as much as possible. Paying your bills on time is also crucial. This alone can help raise your score over time.

·        Resolve to save more money. Buying a home can involve several up-front expenses. These include your down payment, inspections, closing costs, etc. Not to mention the cost of moving and putting the finishing touches on your new home such as new paint or carpeting and window coverings to name a few.

·        Resolve to organize your financial paperwork. When you are ready to apply for a loan you will be asked to provide a lot of documentation such as tax returns, W2’s, bank statements, and pay stubs to name a few. Hopefully you already have this paperwork filed safely away or easily accessible online. But if not, start putting your ducks in a row and then it won’t seem quite so stressful.

·        Resolve to research your loan options. It’s a good idea to shop around because each bank or credit union may offer slightly different options and rates. A loan officer can inform you about the many different programs that are available depending on your situation. Some loans require no down payment while others require at least 3% down. You may have to meet certain criteria to qualify for these loans. Consult with a few lenders and get a feel for your options.

Resolutions often get tossed aside but these will provide a great framework to meet your real estate goals. 2018 is going to be a great year to buy or sell your home! Happy New Year!