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How to prepare before jumping into homeownership [VIDEO]

Posted on Friday, January 2, 2015 at 9:54:18 AM

Buying a home isn't something you should take lightly. In fact, it is one of the most significant investments you will ever make, and it is important that you have the primary steps completed beforehand.

For starters, you must be confident that homeownership is right for you. Are you a frequent mover? Is it likely that you will want to live in a different place in a few years? If so, then you may be better off as a renter. Only buy if you intend to stay put.

You should also target a home that is within your budget. Take into account your current debt, your income and future expenses. It is a must that your new home not strain your personal finances too much.

Perhaps most important is your credit score. Your residential financing rates depend on a good score, and the better the number, the more likely you'll be to secure a favorable mortgage. Before you ever begin your house hunt, make sure you don't have any outstanding debt. Also, take measures to shore up your score in advance.

With these tips in mind, you'll be able to to move forward with the homebuying process.