It’s human nature to set goals for ourselves and try to achieve them, so it only makes sense to set big goals at the start of the new year. 2021 is here, but it’s not too late to set a New Year’s resolution for yourself. If you’ve been putting off buying a home for years but have always wanted to own, now is a great time to start working towards that goal. Our team at GVC Mortgage has put together a list of small, doable goals that, if met, will help you buy a home by the end of 2021.
A big part of buying a home is making yourself look desirable to a home loan officer. They want to see someone with a good credit score, not too much debt, and a down payment in the bank. So start by tracking your spending and cut any unnecessary costs so you can put that money towards debt or savings. Next, pay off any small debts you can to improve your credit score and debt-to-income ratio.
Once you’ve got a good handle on your finances, you can apply to get pre-qualified to determine what type of loan you qualify for. This will give you a price point to work with as you begin to house hunt, and it will show prospective sellers that you are committed to purchasing a home. However, as you consider how much house you can afford, don’t make the decision based solely on what you’re qualified for. Take the time to plug your new mortgage payment into your budget and remember other monthly expenses that come along with homeownership like homeowners insurance, property taxes, and higher utility bills.
Finally, the fun part! We recommend that you hire a real estate agent to help you find the perfect home, but you can also do your own searching online. In addition, take advantage of open houses and visit properties in person. While you are in each home, take photos and notes to compare and contrast all the homes you visit. Then, once you’ve found the house you want to buy, don’t skimp on the home inspection! The peace of mind provided from a good home inspection is worth it every time.
When you’re ready achieve this year’s big resolution, contact GVC Mortgage at (317) 564-4906. Our team of home loan professionals serves first-time home buyers just like you every day. Our office is convenient for anyone in the Carmel, Fishers, or greater Indianapolis area. Get one step closer to homeownership by calling us today.
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