Prepping to Buy a House: Financial Tips for Aspiring Home Owners
Aug. 1, 2017
By Sara Russell
Prepping to buy a house can be a daunting task, plan ahead for smoother results. Below are 6 practical tips for aspiring home owners.
- Pay Bills on Time
This is the easiest way to boost your credit score.
- Research Loan Options
Learn the details before you’re financially entangled in one.
- Avoid Big Buys
Don’t make any major purchases before trying to add a mortgage.
- Have 3 “Trade Lines”
While trade lines is industry speak, it means that lenders like to see that you can manage multiple payments such as student loans, credit cards, etc.
- Save for a Down Payment
The more you save, the easier the loan will be.
- Credit Timeline
6 months before you want to buy a house stop checking your credit score. 2 months prior, stop using your credit cards.