Here at Lennar, we’re fortunate to be able to share the experience with our customers as they celebrate the moment when they become homeowners for the first time. And we also know that although the path to first time homeownership can be an exciting one, it can also be a nerve-wracking experience at the same time. Especially when you don’t know exactly what to expect.
This new article from Bankrate highlights five steps that first-time homebuyers can take to help make the process go more smoothly. The learning curve can be steep, but most of the issues can be resolved by doing a little financial homework at the outset.
The homebuyer’s credit score is among the most important factors when it comes to qualifying for a loan these days. To get a sense of where your credit stands, get your free credit report and scour it for mistakes, unpaid accounts or collection accounts.
Ideally, first-time homebuyers would know how much they can afford to spend before the mortgage lender tells them how much they qualify for. By calculating their debt-to-income ratio and factoring in a down payment, buyers should have a good idea of what they can afford, both upfront and monthly, when it comes to their home.
