December 29th, 2019 12:02 PM by Jackie A. Graves
The new year is a time for new beginnings and, of course, resolutions. Are you ready to make the switch from renting to owning? Here are four things you'll need to consider if you're looking to become a homeowner in the new year.
1. Find your team. You don't want to navigate the homebuying process alone. The better prepared you are the better your experience will be, so consider hiring a trusted team of industry professionals to help you through the homebuying journey.
2. Get your finances in order. Before you start house hunting, you need to get a firm handle on your finances. That means making a budget to help determine if you are financially ready for homeownership.
3. Gather your documents. A lot of paperwork is involved in the buying process, so it's important to get organized as early as possible. Your lender will need both personal and financial documentation to determine your creditworthiness and eligibility for a loan. Being well-organized at the outset of the home buying process will limit mishaps down the road.
4. Understand the Responsibilities. The financial obligations of owning a home go beyond just saving for a down payment. As a homeowner, you will be responsible for:
Preparing to purchase a home can be challenging, but it can also be fun and rewarding. If purchasing a new home is one of your New Year's Eve resolutions, we wish you well in your search and throughout the process!
Use our homebuying checklist to get started and visit My Home by Freddie Mac® for more resources and information.
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