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Finally, decided to embark on your home buying journey? You’re not alone: millennials are projected to be the largest swath of homebuyers in history with over 1.5 million household formations projected each year until 2024. Time is of the essence—here’s how you can get a jump on the competition.
Create a plan for your finances
This is essential when buying your first home. You’ll want to do the following early in the process:
1. Check your credit.
Connect with a Mortgage Banker who has the ability to check your credit repeatedly without harming it—something you cannot do. If your credit is not up to snuff, don’t worry, that same professional can also help you form a plan for improving it. Learn more about credit scores here.
2. Discuss financing.
Based on your credit, a Mortgage Banker can educate you about your mortgage options. Understanding the benefits and drawbacks of different loan types will help you make an informed choice later on.
3. Research down payment options.
Figure out how much you can put down on a new home; then, look into first-time buyer programs that may curb that expense.
Article repost with permission from Apex Home Loans.