Thursday, November 8, 2007

Steps to Take Before Taking the Plunge!

Last time, I wrote about getting PRE-APPROVED instead of just PRE-QUALIFIED.

Before you decide to go into debt and spend your hard-earned savings on that "great deal" in need of some TLC, think about a few things:

  1. Have I been pre-approved by a reputable mortgage lender?

  2. Do I have any outstanding debt hanging over my head?

  3. How solid is my credit?

  4. Is my/significant other's job secure?

  5. How much money am I going to put towards my down payment?

  6. Am I ready to take on a project like remodeling or fixing up a home?

  7. Do I have a trusted real estate agent to be up front and honest with me?

  8. If, after a year, the roof needs to be replaced, can I afford it?

These are just a few questions to get you thinking about a major move. Many of us (me included) have owned one of those "money pits" that comes with lots of unexpected repairs. Being a knowledgable consumer and being reasonable about what you can truly afford is the first and most important step in homeownership. But, together, we can make things as close to perfection as possible!

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