Prepare to Buy a Home in 2020.

At Primary Residential Mortgage, Inc., we know the new year is the perfect time to set goals that give you a brighter future. If you’ve set a resolution to buy a home in the new year, these tips can help you get ready.

1. Check your credit and identify areas for improvement.

2. Maintain good financial habits.

1. Continue making all your payments on time.
2. Pay down debt where you can.
3. Keep accurate records of your finances.

3. Stay at the same job if possible.

1. Staying at the same job can improve your chances of getting approved for financing or boost your chances of getting a favorable interest rate.

4. Prepare to make a down payment.

1. Start setting aside money for a down payment on a home. It is usually wise to put down as much as you can, so you’ll pay less interest over time. But don’t worry if you can’t get together a large down payment; there are quite a few low down payment options out there. Your Loan Officer can help you find the right fit.

5. Set priorities so you can make a decision you’re happy with.

1. A few things to consider:
   • Number of bedrooms and bathrooms
   • Whether or not you need a garage
   • Whether or not you need a yard
   • What kind of neighborhood you’d like to live in
   • How close you want to live to work, schools, entertainment and more
   • The age of the home, plumbing and electrical system
   • Whether or not you’re willing to choose a fixer-upper

6. Set your budget.

1. Talk to a Loan Officer about getting prequalified. This lets you know how much you’ll probably be able to borrow.
2. Remember you don’t have to spend as much as you qualify for.
3. Remember to factor in costs of ownership. Common wisdom suggest that your monthly payment (including taxes and insurance) should usually be 25%–35% of your take-home pay.

7. Ask your Loan Officer about mortgage options.

1. There are hundreds of loan programs out there. Your Loan Officer can help you find one that suits your unique needs. They can also answer your questions about the mortgage process.

8. Connect with a real estate agent who can help you find a home. If you haven’t already found a real estate agent, your Loan Officer may have suggestions.