Mike Valdez fits the profile of a savvy first-time homebuyer perfectly. A34-year-old financial analyst from New Rochelle, N.Y., he and his family had
grown sick of living the renter's life. So two years ago he decided to test the
market and find a townhouse for his growing family. But despite his financial
aptitude, he quickly ran into a setback."We found a place we liked and
ran the numbers," he says, but the young couple soon discovered that they had
underestimated the burden of their college debt. They were forced to back
out.Mike's lesson goes to the heart of what every first-time homebuyer
needs to know -- buying a home means so much more than paying a mortgage.
Fix Your Credit
The first step toward buying a home takes place months before walking into your lender's office. It's crucial to check your credit score at least three to six months ahead of your mortgage
application, says Rod Griffin, director of Public Education at Experian. You can
request a free copy of the report from each of the three credit bureaus
(Experian, TransUnion and Equifax) at annualcreditreport.com.Even if
you don't have sterling credit (generally a FICO score of 720 or above), the
most important thing to do is to take stock of what the figure means. "Every
score is educational," says Griffin. "It's more about why the number is than
what the number is."
To view the full article please visit: http://realestate.aol.com/blog/2010/06/25/first-time-homebuyers-guide/#comments
Call or e-mail Melissa today for any of your First-Time Homebuyer needs or for any of your real estate needs at (509) 879-7858 or melissadailey@comcast.net.
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