Posted By:

CJ Harrington

cj@cjharrington.com

www.cjharrington.com

440.336.0612

Keller Williams Realty

2009

If you're planning to buy a house this coming year, here's my annual list of New Year's resolutions you should consider making:

1. Get your credit and finances in shape.

Put a lid on your spending.

Do not  forget that good credit also means job stability. Most lenders require that you work for the same employer for at least a year, and maybe two, before they will approve your home loan. If you are self-employed, they will want to see at least two years of tax returns before you will qualify for a conventional loan.

Also, make sure to pull a copy of your credit history and credit score. Next, reduce the amount of personal debt you have, including credit card debt, student loans and auto loans.

If you keep one resolution this year, clean up your credit.

2. Know how much I can afford to spend before shopping for a home.

Get preapproved before you shop.

Your lender will look at your income, debt, assets and liabilities, and come up with the maximum amount you can spend. Once you know how much you can afford to spend, you will avoid making a common, heartbreaking, homebuyer error: looking at homes you cannot afford.

3. Know thy neighborhood

Everyone wants to live on the best block in the best neighborhood. Unfortunately, that location may not be in your budget. Balancing affordability with location means you will have to compromise.

Start looking at various neighborhoods and the amenities they offer.  Be careful not to limit your choice of neighborhoods too early on in the process

Once you are ready, find a good realtor who will educate you the rest of the way.

Please visit our website at www.cjharrington.com for MORE FREE information.

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