Own a Home? Want to?

The American Dream is to someday own a home of your own. But for some people that seems like it is a pipe dream because of mounting debt or credit problems. There are a few things you should keep in mind over your lifetime so as to make your dream a reality.

Each year you now have the legal right to see a copy of your credit report from the three major credit bureaus: Experian, TransUnion, and Equifax. Check it yearly to be sure that all charges are valid and that anything that shouldn’t be there isn’t.  Pay your bills on time, for about two years, as creditors hate nothing more than seeing late payments. It worries them that you are not financially sound.

Pay off everything you can, for a lower income-to-debt ratio is best when entering into a large debt purchase like a house. Save for a down payment, as the more you put down, the less chance you have of having to pay additional insurances to the bank to prove you will be able to pay your debt. And finally, consider attending any one of many home buyer seminars. Most banks or lending institutions, as well as local real estate agencies, will usually be able to recommend a good one for you to attend.  ■