A new year brings much excitement and anticipation, but could 2017 be the year you purchase your first home? Check out these top 4 New Year’s resolutions to help you buy a home in 2017!
Put Your Savings Goals First
Instead of just thinking about saving, why not start the new year off right with a resolution to jump-start your savings and start putting away more for your down payment on your first home? There are many different tools available to help get you there, like the NC Housing Finance Agency’s mortgage payment calculators and mortgage affordability calculators that can help you decide how much you should put away.
And if you’re worried that the traditional 20% down payment may be too difficult to save in a year, not only are there several mortgage products that don’t require that amount but the NC Home Advantage Mortgage™ offers down payment assistance to help you close the gap! Learn more at www.nchomeadvantagemortgage.com.
Improve Your Credit Score
Your credit score is a very important variable that lenders consider when deciding on your mortgage loan. To make sure you get the best possible rates, it is never too early to start improving your credit! Make it a goal in the new year to increase your credit score as much as possible by:
- Keeping your credit card balances low or eliminating them altogether
- Pay your bills on time
- Avoid opening new lines of credit
Pay Down Your Debt
While you improving your credit score will help you secure you a better rate, your debt-to-income ratio is still an important factor for lenders. To help you achieve a favorable rate, focus on paying down your existing debt as much as possible. This new year, commit to paying more toward credit card debt, student loans, medical debt and other debt streams. With fewer dollars owed, you will be in a better position to afford a mortgage once you buy a home!
Start Building Your Home Purchase Team
Buying a home on your own is no easy task, which is why most home buyers opt to utilize the talents of many professionals along the way. The new year is the perfect time to start thinking about building the home buying dream team that can help you find your home and pay for it too! Just a few include:
- Real estate agent or firm
- Lender or loan officer
- General contractor
- Financial advisor
- Real estate attorney
Talk to friends, family and colleagues who have recently purchased homes in your target area for recommendations, and do your research before choosing which teammates are right for you. The NC Housing Finance Agency can help, by providing a list of participating lenders and preferred real estate agents who understand our mortgage products and can help you find your dream home and secure a mortgage you can afford.
If you think you’re ready to buy a home, but aren’t sure where to start, the North Carolina Housing Finance Agency has resources that can help! Learn about the down payment assistance offered by the NC Home Advantage Mortgage™, tax benefits available with the Mortgage Credit Certificate and much more at www.nchfa.com.
