A reoccurring topic i hear often is people find it very difficult to go from renting to owning their own home. In this series we talk about 3 things you can do today to Break The Cycle of Renting.
It’s hard to find your destination if you don’t know where you are, Know Your Starting Point!
There are 2 main areas where you what to establish a baseline.. Your Credit and Your Finances.
There are several avenues to find your current credit score, apps like Credit Karma can be great tools to get an idea of where you're at.
You can also request a free copy of your credit report from www.FreeAnnualCreditReport.com.
But, talking with a trusted mortgage professional is the best route to establish your baseline.
Your finances need to be in order was well, I recommend on setting up a separate saving account for your “House Fund”. This account you will not be touched until you buy your house.
You can buy a house with only having a few thousand dollars or you might need 3.5 to 5% as a down payment. This can depend on your credit report. The higher your score the more options you have.
Talking with an experienced real estate professional can help dial these things in for you.
Your credit score is very important when it comes to obtaining a loan to buy your house.
The minimum score I would recommend on setting your goal to at least a 620.
Check your lease expiration date, go set up your house fund, download Credit Karma, and reach out to a Realtor today. Not next month, next week, or “maybe” this weekend. Do your a favor and make you a priority.