So, you’ve answered the question of “Should I rent or buy?” and decided that you want to buy a house in the short- or long-term future.

If renting is right for you right now but your end goal is to buy a home, that brings us to the next question: How do I prepare to buy a house?

Homeownership is a huge leap, but you can make the transition easier by taking these small steps along the way:

1. Start saving for a down payment early in the process.

If you’re a first-time homebuyer, you may be able to take advantage of down payment assistance (if needed), tax credits, and/or reduced private mortgage insurance premiums.

Additionally, first-time homebuyers may qualify for a reduced down payment as low as 3% (a 5% down payment is typically required on a conventional loan).

2. Get debt under control.

Having a large amount of debt could reduce the loan amount you can qualify for when you’re ready to purchase your home.

Watch this short video to learn about the best methods for paying off debt!

3. Know your credit score.

Your score can affect the interest rate you qualify for.

To check your credit score, you can request one free copy of your credit report a year from each of the three major credit bureaus: Equifax, Experian, and TransUnion.

4. Take a homebuyer education course.

The course will go through the homebuying process, budgeting, escrow, and available loan programs in detail.

Contact one of our lenders for information on available courses.

5. Pre-qualify before you buy.

This is something your realtor will ask you to do prior to looking at homes.

Pre-qualification is a quick snapshot of the loan amount you may qualify for. Once you’re pre-qualified, you can refine your home search to what fits your budget.

We offer a pre-qualification application on our website, or you can learn more about the process by looking at our pre-qualification road map.

6. Reach out to a mortgage banker.

Our experienced Mortgage Bankers are here to help add to the enjoyment and alleviate the stress of your homebuying journey!

When you feel ready to buy a house — or even if you need help with any of the first five steps — reach out to a Mortgage Banker. They’ll guide you the rest of the way.