BEFORE YOU BUY
Getting your paperwork and finances in order before you buy is key to a successful home purchase. Once you are ready to buy, it typically takes 3-5 months to identify a place you want to call home. Being organized means being competitive in a tight market.
A year to six months before you buy you'll want to:
- Check all three of your credit reports and clear up any incorrect information. You are entitled to free reports from all three agencies once a year. visit https://www.annualcreditreport.com/index.action to get your reports.
- Pay off any credit card debt.
- Save, save, save. You've probably been saving for that downpayment...now is the time to put just a little more away. It is good to have padding in case you need to put more money down, need after closing cash for a co-op board, or want to do minor renovations upon move-in.
Six months to three months before you buy you'll want to:
- Make sure you have easy access to all your online bank statements and retirement accounts
- Begin researching where you want to live
- Ask friends for recommendations for a good broker to use
Three months before you buy you'll want to:
- Have any gifts you'll be receiving deposited into your account
- Contact your real estate broker to start your search
- Contact a mortgage broker to get you pre-approved
- Identify an attorney you want to use for your transaction
- For co-op purchases, begin thinking about who you'll use as personal references