This is the Saving & Pre-Approval Process for First Time Home Buyers via @homebidz

This is the Saving & Pre-Approval Process for First Time Home Buyers

Buying your first home will mean that you really need to have all of your finances in order. A part of making sure you can do that is through saving. Once the money is right you can move on to another helpful aspect of home buying; getting preapproved.  

Start Small

You can start your savings at any time. It is best to plan well ahead of when you want to buy a home. Start small by taking a look at where your money is currently being spent. If you can see where it is going you can start to get a sense of what you need to cut back on.  

How often do you hit the gym?

Drop any unnecessary bills that you might have like subscriptions or gym memberships. It may shock you to see just how much money this will save. By cutting back on items such as these, you have more money that you can put towards a down payment on a home.  

Know Your Score

Getting pre-approved is another process on its own. Be sure that you check your credit score and credit history before dashing off to meet with a lender. If you have a score that is in pretty good shape, then you should start by interviewing different lenders to see which one will be best to work with.  

The Choice Is Yours

Once you have chosen a lender and have an application filled out, you should make sure that your paperwork has no errors. Submit it to the lender and they will go over it in detail in order to let you know if you are pre-approved or not. Do not quit if the first one does not work. There are plenty of lenders out there that can help you get a home loan.  

Conclusion

If you are in a position where you question your eligibility for pre-approval, don’t get discouraged. Slow and steady wins the race. When buying a home it is important to stay focused on improving your credit score, accumulating your downpayment and finding a lender that fits. When one door closes many others may open, so don’t give up! 

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