If you’re planning to buy your first home in the next year or so, you should know up front that it is going to be a stressful experience. It’s the biggest investment you have ever made and that alone is enough to escalate one’s stress levels. An April TD Bank Mortgage Service Index said that 69 percent of homebuyers find buying a home to be stressful, 25 percent of those surveyed described the process as “extremely” or “very stressful” and 45 percent classified the process as “somewhat stressful.”
The real estate pros at the Equifax Finance blog have prepared some tip for buyers to help make the process a little easier and less stressful in the article, “Buying a Home? 5 Things Every First-Time Homebuyer Must Do.”
First, get a copy of your credit report. Lenders will use your report to get an idea of where you stand, so if you know that as well, you’ll be able to shop around before applying for a loan. You are entitled to one free credit report from each of the three major credit reporting agencies each year. Once you have your report, review it carefully for errors. If you do find an errors or discrepancies on your credit report, start clearing them up right away. Also, work to get your accounts in order; you should be in good standing among all of your lenders, so be sure that you have met all of the minimum balances on your accounts and that none are late. Inaccurate info in your report should be reported to a credit reporting agency and the creditor directly.
Get the other three must-dos in the full article on the Equifax Finance blog. While you’re there, you can get all kinds of tips on real estate, as well as tips on other personal finance topics, like credit, taxes, insurance, identity theft protection and more.