Preparing to be a Buyer

Posted: July 16, 2010

By: Stefanie

As a young professional you may not feel prepared to buy a home right now, however, you should always keep an ear to the news and an eye on the market so you are an educated and prepared buyer when the time is right for you. As a Realtor, I see constant changes in the rules and guidelines to purchasing a home. Everything from credit scores to down payments are crucial in making your move.

Boston.com just published a great article called, It's a great time to get a mortgage but the rules of the game have changed. Through this quick yet informative read I suggest you take away a few points:

1. You should be focused on raising or maintaining a high credit score. In this market it makes a huge difference on qualifying for a loan.

2. Save money for a down payment. There are many options in financing including FHA loans which only require 3.5% down. However the more you can offer upfront, the more secure you'll feel and the easier the process may be.

Whether you're already touring the market or just dreaming of the day when you own your own home, there are small steps you can take now that will make a big difference later.