As rents go up why not consider buying a home?  The following are six tips that may help you prepare to make one of the best investments of your life. Whether it is a condo or a small starter home these tips will help you make that first step. 

1)     Make a home buying goal.  Home ownership is an integral part of the American Dream. With it comes tax benefits, sense of community and financial investment.

2)     Check your credit.  Your credit history is one of the first things that a lender will review.  There are three major credit reporting agencies:

• Equifax 800-685-1111
• Experian 888-397-3742
• TransUnion 800-888-4213 

Request reports from all three as they may not all have the same information. Review each carefully and if there is any discrepancies work with the agencies to resolve them.  This should be done on a regular basis and at least three months before applying for a mortgage.

3)     Save for a down payment and closing costs.  The down payment is seemingly the biggest hurdle first time buyers face.  Many lenders have reduced down payment requirements, however may charge more in interest or points.  Rule of thumb larger: the down payment the lower the interest rate on you loan.

4)     Get  preapproved for a home loan.  Ask your local lender to reapprove you for a mortgage.  This will let you know exactly what you can afford  before you start looking.  It shows you are serious with your realtor and futures sellers as they review your offers.

5)     Research your options.  You may want to look beyond your local bank, to mortgage lenders, local housing departments, and nonprofit housing organizations.  There may be programs that reduce or eliminate down payments.  Bottom line is like most things in life, get two or three options and or opinions to help you realize your homeownership dream.

6)     Research, learn as much as you can.  Lenders, home ownership organizations, realtors, internet.  Books, verbiage terms and definitions.  Understanding the home buying process and your local areas market trends.   

Of course, as a realtor I consider number six a tandem responsibility. I am here to help buyers through these steps and others which come up along the way.  Real estate is one of the biggest investments you will ever make. I spend countless hours staying up on the local market and real estate trends. I look forward to sharing my findings, knowledge and experience with you as you venture into owning property of your own.