1. Be faithful and responsible with your credit.
Don't let limited problems turn into collections. It is easier to stay out of trouble than to get out of trouble, especially with the reputation reporting law in America.
2. Buy the house first, then the car!
Houses ordinarily go up in value, while cars go down. Automakers need to sell their excess inventory. You can all the time buy a car.
3. Check your reputation reports annually, and before making big purchases.
If there is a big mistake on your reputation report, you can address the issue before being denied credit. The reputation inquiry is carefully as a negative event.
4. Close those division store accounts.
Get one visa or mastercard with a real limit and just use it.
5. Stay below 80% of your reputation limit on revolving accounts.
Credit scores go down dramatically when your equilibrium is over 80%.
6. Don't bother sending in for "pre-approved" reputation cards.
As the old saying goes, "if it sounds too good to be true, it probably is." Again, the reputation inquiry is not a sure expanding to your reports.
7. Don't buy stuff you don't need just to "re-establish" credit.
Get a secured visa or mastercard that reports like a quarterly card. Use it to buy daily necessities and deduct the money from your checkbook at every purchase. Pay it off every month. 8. Get your reputation in shape. nothing affects your quality to accumulate a mortgage more than you reputation history (unless, of course, you can pay cash).
9. Use a mortgage broker who has way to every lender's rates.
Mortgage brokers have much more flexibility than banks or savings and loans.
10. Let the government help you buy a home.
Fha, Va, Farmer's Home Administration, state housing loans all have much more liberal underwriting than accepted loans.
11. Get pre-approved for a loan.
A homebuyer's leverage is greatly increased when a jobber knows you can afford his home and can get the financing for it.
12. pick the loan agenda that best fits your needs.
There are hundreds of loan programs. Everybody's circumstances are different, and one loan agenda may be good for you than another.
13. Ask for your legacy early.
If your parents are financially capable, don't be afraid to ask for their help. They will be making an investment in your time to come -- which is what they have been doing since you were born. They will be able to see their money put to good use.
14. Don't think of your first home as the only home you will ever own.
The mean homebuyer will have 7 homes in his lifetime. Start with what you can afford today, and work your way up.
15. Try to conclude how long you might live in a home.
Certain loans are more suitable for short-term occupancy. Singles or couples can occupy a much smaller space for a longer time than can a growing family.
16. Don't overlook cosmetic fixers as good buys.
Most population want new building or something that looks new. These are the most expensive homes on the market. If you can see past old countertops, dark wood, gold carpeting, etc., that can all be fixed or substituted -- in time -- there are many good buys out there.
17. Don't snub condos as a first home.
A condo may not be your first option for a home, but it gives you the same tax advantages as a single-family home, and it gets your foot in the door. If you want to live in a singular area, and a condo is all you can afford, it's still good than renting.
18. compare your own lifestyle.
If you're a person or family on the move, do you of course want to spend your time tending to a large yard when you could be skiing, camping or fishing. Does the understanding of housekeeping or home maintenance make you shudder. Your lifestyle should help you conclude what type of housing will make you happy.
19. Beware of fatal flaws.
A bad location can't be changed. Poor floor plans need major remodeling. If the price of a home is too good to be true, it probably is.
20. pick an exclusive buyer's agent to help you with the home-buying process.
An exclusive buyers agent works only for the buyer, never the seller. He/she helps protect your interest in a real estate buy and helps you get the best price and/or terms.