So you’ve decided to buy a house, but you’re not sure if your finances are quite up to speed. Even if you hope to buy six months from now, there are numerous improvements and adjustments to be made in the interim, prior to taking on a mortgage.
First-time home buying is well documented as an arduous process, and much of that can be attributed to the sheer number of new and unexpected issues. Therefore, the more you know, the better you’re likely to fare. Here, briefly, are some aspects buyers should consider when shoring up finances to buy a house.
Knowing is half the battle. To start, learn as much as possible about the process that will soon temporarily take over your existence. When Corinne Weiner and her fiance recently bought a home in upstate New York, she says it was one of the most stressful experiences of her life, “but that was mostly because we had a completely incompetent ‘team’ between the brokers and the bank. So advice number one: get references on those people.” She also recommends a book by CNBC’s own Suze Orman, The Money Book for the Young, Fabulous, and Broke which breaks down the house-buying process in simple terms, and has exercises to make sure buyers can handle the responsibility.
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