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Financial Health Tips for Home Buyers
Save for a Larger Down Payment
A down payment of 20% or more can help you avoid Private Mortgage Insurance (PMI), which protects the lender if you default on the loan. This can save you hundreds of dollars each month.
Improve Your Credit Score
A higher credit score can qualify you for better interest rates. Pay your bills on time, keep credit card balances low, and avoid opening new credit accounts before applying for a mortgage.
Consider All Homeownership Costs
Beyond your mortgage payment, remember to budget for property taxes, insurance, maintenance, utilities, and potential homeowners association (HOA) fees.
Get Pre-Approved Before House Hunting
Mortgage pre-approval gives you a clear idea of what you can afford and shows sellers that you’re a serious buyer. This can be especially helpful in competitive markets.
Think Long-Term
Consider how long you plan to stay in the home. If it’s less than 5 years, an adjustable-rate mortgage (ARM) might be worth considering. For longer terms, a fixed-rate mortgage provides payment stability.
