By: Deanna Rowser

Purchasing your first home is an exciting venture in your life. It may be among the biggest and most important decisions you will ever make. Successfully doing so will be near the top of your list of major accomplishments. The question is, “Where to start?”

You have heard the adage, “get your ducks in a row”? Obtain reports from the three primary credit reporting agencies, Equifax, Experian, and TransUnion. Short of a cash purchase, if your credit is out-of-whack, home ownership may prove difficult. Review the reports carefully. This is the time to fix any inaccuracies or discrepancies and see where, if necessary, you can boost your score. Your credit score will help determine the interest rate offered to you by lenders.

After reviewing your credit, identify a few “must-haves” for your new house and start to check real estate listings. You will start to get an idea of what it will cost to realize your purchase and establish a realistic budget. If you are serious about purchasing a house, you do not want to waste time, energy, and emotion attending open houses that are outside of your current reach. There are so few things more frustrating than having champagne taste on a beer or tap water budget.

Now that you have gotten your credit information in order, narrowed down options, and established a preliminary budget, it may be time to find a reputable, licensed, real estate professional that you can trust. This person should listen to your concerns about location, size, and most importantly, budget. He or she will help you source lenders that can make your dream a reality, but BEWARE; do not let anyone talk you into spending more than you can afford. An agent that has your best interests in mind will be able to address your concerns and find a property that fits the needs you have outlined.

Congratulations on taking the leap into home ownership! It can be a lot of work, but it can be extremely rewarding. It is often the first step in building wealth for you and your family for generations to come.

Next month, I will address some items you should look for when attending an open house. I will share a few tips that might help you at best, negotiate a better price, and at worst, save you from a money pit.

Good luck on getting your piece of the American pie!