April 17, 2021

MP Now News

Mortgage News

Financial fitness for first-time home buyers

Deborah Quackenbush

NEWARK – Buying a home for the first time can be a rewarding experience.

A home is an investment and a place where you and your family can call yourself. There are many steps involved in buying a home. Before falling in love with a property or contacting a real estate agent, it is important to make sure that your finances are in good shape. In order for your home purchase to go smoothly, you should know where you are financially. To help you assess your financial eligibility to buy a home, consider the following:

Check your credit score. An important first step is to check your creditworthiness. Your score will help you determine the funding options that are available to you, and your score will affect your mortgage terms. Lenders check credit scores to determine if a borrower has on-time payments to estimate the likelihood of the mortgage repayment. The higher your credit rating, the more financing options and lower interest rates are available to you.