The Ten Commandments of Buying a Home

Buying a home is a major financial undertaking, so taking your time and being well-prepared is essential. Jumping in too quickly can lead to a poor investment, and neglecting important steps in the purchasing process can result in missing out on a great opportunity.

To avoid these problems, here are the Ten Commandments of buying a home:

1. Maintain Steady Employment: Mortgage lenders like to see job stability; at least one applicant must hold a steady job. The longer you stay at the same job, the better it looks when applying for a home loan.

2. Limit Bank Account Activity: When you apply for a home loan, you must produce bank statements. Lenders look for monthly consistency, like steady deposits, regular bill payments, and no erratic spending.

3. Continually Monitor Your Credit Score: This is much easier than it used to be. The days of waiting for your free yearly credit report to arrive in the mail are long gone. Free apps like Credit Karma and Experian can help you monitor your credit score and even offer tips for improving it.

4. Postpone Large Purchases: Unless you have money to burn, now is not the best time to purchase another costly item like a car, motorcycle, or furniture. These purchases may make lenders wary and slow down the loan application process.

5. Save for a Down Payment: The sooner you start this, the better. Even if you qualify for no down payment, putting at least some money down is in your best interest. Put a 20 percent down payment to receive a better rate.

6. Only Consider Homes Within Your Budget: We're all guilty of wanting more, but even simply peering at what's just a touch over your budget can be dangerous. Embrace what you can afford.

7. Research Various Neighborhoods: Visit different areas, even ones that may not be on your radar. Check the traffic patterns, schools' locations, and proximity to grocery stores, shopping malls, restaurants, and doctors' offices to guarantee convenience.

8. Get Pre-Approved: Once your finances are strong and stable, getting a loan pre-approved is a good idea. As a buyer, this gives the seller confidence in your offer, ultimately making them more likely to accept it.

9. Resale History: While investigating the neighborhoods, review the resale info on the home and other comparable homes in the area. Have they gone up in value? How long do they sit on the market? Is there a cluster of homes up for sale in the same neighborhood? Your real estate agents can help you with these questions, and the answers may give you better insight into what's happening in that area.

10. Find a Real Estate Agent You Like and Trust: When you hire a real estate agent to help you buy your home, you will share a lot of personal information with this person and spend many hours with them, so it's important to have good chemistry. A great agent is always ready to help their clients through every step of the process. 

These ten home-buying commandments will set you up for success. Remember them to ensure a smooth purchasing experience and improve your financial future.  

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