Planning Ahead

Buying your first home can be a stressful, and sometimes scary proposition. However, it doesn’t have to be. Planning ahead is the key component to buying your first home. Since every home, every home purchaser and every contract to purchase is different, the process of educating yourself is not simple. Understanding the basics of purchasing a home can be found in multiple sources. Online sources are plentiful, as well as books. Beyond educating yourself, you must prepare yourself financially. First, get your credit report. This will be a key to getting the loan you need at a reasonable rate. A word of warning about credit reports — don’t be too hard on yourself. I once had an instructor that always used the phrase, “You don’t know what you don't know!” In other words, let the professionals take a look at your credit report before you decide you’re not worthy of a home loan. Despite the bad news about home loans, there continues to be a great variety of loans for the first time home buyer.