For many, owning a home is the American dream, and countless experts have argued that now is a great time to buy because of historically low interest rates and lower home prices. But where should you start?
The first thing you should do – well before you apply for a mortgage – is to get a copy of your credit report to ensure it’s accurate. Your loan and interest rate will be decided largely by your credit rating, and since it can take months to make corrections, it should be the first step for any potential homebuyer. Afterward, you can determine how much house you can afford, research any homebuying programs you might qualify for, and shop for the best loan you can get.