Oct 31 2007
5 Steps for first time home buyers: Step 1 Prepare Your Financial Statements
This was given to us by the OAPERI, located in Bend, Oregon. We have found it very informative, and so therefore are putting up the info here as part of a series (5 Steps for first time home buyers).
5 Steps for first time home buyers
The first time you approach a task is usually the toughest. That’s because you are most unfamiliar with a situation the first time you go through it. The same is true for purchasing a home. First time home buyers sometimes have the most trouble with purchasing a home because of your inexperience. Here are five steps to help first time home buyers purchase their first home successfully:
STEP ONE – PREPARE YOUR FINANCIAL STATEMENTS
As a first time home buyer, you should spend at least the six months prior to purchasing a home getting your financial situation in order. This means checking your credit report to make sure that there are no blemishes. Paying off collections and other debts to improve your chance at obtaining and affording a mortgage is also an important step to take as a first time home buyer. It is important that you take a good look at your budget to determine how much you can comfortably afford to spend on a mortgage.
It is not a good idea to stretch your money too far.
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