Dated: February 9 2020

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If you've been dreaming of buying your first home or selling your current house, New Year's is the time to resolve to make it happen.

Our REALTORS® suggest the following five ways to make a New Year's resolution of a new home a reality in 2020.

  1. Check and Fix Your Credit
    Your credit will affect whether you can qualify for a mortgage loan and the interest rate you'll pay. Start by checking your credit report with the three main reporting agencies – Equifax, Experian, and TransUnion – by requesting it for free at, a site recommended by the Federal Trade Commission. If you see any errors, request a dispute form from the reporting agency. And if your credit is poor, start working to pay down your debt.

  2. Save for a Down Payment
    Most mortgage loans require a down payment, so you may want to trim your budget to help bolster your down payment fund. Tax refunds can also be an excellent way to jumpstart your savings.

    If you can afford to pay 20% down, you'll avoid paying private mortgage insurance (PMI). This is an extra monthly payment that helps protect the lender in case you default on your loan. The higher your down payment, the lower your monthly payment will be, and you're likely to be offered a lower mortgage rate.

  3. Gather your Documents
    You'll need to provide a large number of documents when you're applying for a mortgage, so go ahead and start collecting this paperwork now.

    You'll need documents to show your income and assets. So gather two years of tax returns and W-2 income states, recent pay stubs, credit card statements, and statements from your bank. Filing these items as you go will help you avoid scrambling at the last minute to find them.

  4. Get Pre-Approved for a Mortgage
    A pre-approval will let you know if you'll be approved for a mortgage loan and the type of interest rate you qualify for. Not to be confused with a pre-qualification, it involves taking virtually all the steps you'll undergo to apply for a mortgage loan. You'll fill out an application and provide your Social Security number so your lender can check your credit. You'll also provide information such as your income, assets, and debts.

    After the process, you'll be given a letter that indicates the amount of mortgage loan you're approved for, and your likely rate and terms. As a result, sellers will know you're serious about home buying.

  5. Start a Priority List
    Start making a list of what's important to you in a home. When you begin your search, this list will help you save time by eliminating some houses from consideration.

    Divide up your list into "must-haves" and "would like to have." For example, you may decide that having a short commute to your job is non-negotiable. You may like to have a big yard, but if a home has a lot of what you're looking for, this isn't necessarily a must-have.

Contact us to learn more about making your New Year's resolution of buying a new home a reality. We can help you navigate the home-buying process and show you homes within your budget as well as your priority list.

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Michelle Meenach

Cincinnati’s Top 3% | Sr Sales Vice President | selling Fast for Top Dollar | from Neighborhood to Luxury, I'll help you find the Home you Love As your Realtor, I bring a breadth of experience and ....

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