While, having a house with one's personal property is often considered, an essential aspect of the so - called, American Dream, wouldn't it make sense, to effectively, plan, to avoid this becoming something of a nightmare? Aftermore than 15 years of working as a real Estate licensed salesperson within the State of New York, I have developed what I often, refer to as the RICH strategies for moving with caution, when it comes to of purchasing a home kingdom valley. With this in mind, this article will attempt to, briefly, consider the following: examine, analyze, and discuss, five steps for efficiently, wisely, being prepared for this purchase, and proceeding accordingly.

1. Create/accumulate sufficient fundsto cover various needs and necessities:It's smart to proceed, as well - prepared to be as prepared as you can, right starting from the beginning. Prior to you start your search for a house, begin saving money in a methodical manner. Be aware that you won't only require money to cover the down payment (often however, not always 20%) and, in addition, funds for other Closing expenses, which include, but not limited to the pre-paid real estate taxes utility bills, as well as other, so - called, Escrow items. Additionally, the majority of lending institutions require proof and proof of fundsequivalent to several months, from mortgage installments.

2. Request a copy the Credit Report (if spouses are together, get both):You are entitled every year to request a duplicate of the Credit Report from one of the major credit organizationsand companies. Examine this report carefully, and correct any errors. If your rating is not high enough, as the lending institution might want start taking steps, to enhance and improve it, sooner, rather than later!

3. Pay-down other debt:Lending institutions use formulas that determine the eligibility of a borrower to be eligible for funds. They generally focus on the percentage of debt to income. Thus, it is important to pay-down the other debts before beginning the process!

4. Do not make any additional debt:Avoid acquiring any more debt, regardless of how it is convenient and/or appealing, it might seem, at the moment. Don't fall for the trap of accepting store charge accounts from new stores in the event that you could affect your creditworthiness and make it difficult to obtain the loan!

5. Look for homes within your means:Avoid the trap, of becoming house - rich, and seeking to buy a house above your financial means! Find out how much you can afford in a comfortable, secure, and safe manner and then make your choice wisely, and remain, at ease!