Ten Tasks you Should Consider Tackling before Purchasing your First Home

So, you’ve decided that you’re ready to become a homeowner. You’ve found your most comfortable pair of shoes and you’re ready to hit all the open houses in the neighborhood. But wait! There are a few things – well, ten things, in particular - that you may want to take care of before you begin house hunting for your first Jacksonville home:

1. Give yourself a financial check-up.  In other words, get your finances in order by ordering your credit report and fixing any credit mistakes or discrepancies that may tarnish your otherwise-great credit rating - your ability to obtain a home loan at a competitive interest rate depends on it.
2. Reduce your debt. Reducing your debt is an important component in earning a great credit score. Even though you’ve always managed to pay your bills on time, many lenders may deny you a home loan because your debt-to-income ratio is just too high.
3. Establish an emergency fund. An emergency fund, whether you plan on becoming a homeowner or not, is a must-have. Aim to save at least six months worth of living expenses and put it into an interest-bearing account that you can easily access, if necessary.
4. Save for a down payment. Unlike just a few years ago, lenders now require borrowers to save at least 20 percent for a down payment. If you haven’t already achieved this feat then you should put your desire to own your first home on the back burner for now.
5. Take a first-time homebuyer class. Many local real estate offices offer first-time homebuyer classes to educate buyers on the ins and outs of buying their first home. Best of all, they are usually free!
6. Find a lender and get preapproved. There is, perhaps, no better way to prepare yourself for purchasing your first home than to get preapproved for a mortgage. A preapproval from a lender enables you to better decide how much house you can afford and also gives you leverage during negotiations with sellers.
7. Do your research and figure out exactly what you want. Do you want a three-bedroom home? A home with a big backyard? Is there a certain neighborhood you want to live in?
8. Consider the advantages and disadvantages of owning a home. Is owning a home right for you? Are you prepared to handle home repairs, home improvements and the work involved in maintaining a home? If not, are you prepared to pay to have these things done?
9. Think about where you’ll be in the next, few years. If you don’t know where you’re going to be in the next, few years then owning a home is probably not right for you.
10. Find a realtor. Find a qualified, experienced realtor who can show you the ropes of home ownership.

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