Looking to buy a home this New Year? The majority of us think of New Year’s resolutions as a chance to improve ourselves, but if you’re looking to buy a home, you may want to think about resolutions to improve your financial resume.

Follow these tips to keep your finances in check and increase your chances of getting approved for a mortgage.

1.       Credit check and credit history.  This is number one because your credit score can have a major impact on whether or not you are approved to buy a home. A low score can have a negative impact on the amount a lender is willing to loan you.

2.       Steady paychecks.  Aim for a steady job with few or no gaps in employment history. This isn’t a deal breaker, but having the documentation from a steady income may help your loan application.

3.       Limit monthly subscriptions.  Although convenient, these subscriptions can add up or be forgotten about. High credit utilization may negatively affect your score, even if you make those monthly payments on time.

4.       Avoid large amounts of debt. Keep your debt-to-income ratio low. Even if you are preapproved for a home, hold off on large purchases such as cars and vacations until your home buying process is complete.

Online tools such as affordability and mortgage calculators are great resources to get an idea of how much home you can afford!

Get in touch with me, Robin Jones, at (402) 750-6683 (MOVE) to learn more about real estate today!