UPDATE: This is all still great advice, but for an update on buying a home in 2015, check out this more recent blog post for some tips and tricks for this year!
Buy your first home in 2014 with a few steps now. This 60 Second Mortgage Tip will help.
See the embedded video here - Buying a Home in 2014? Prepare Now!
Video transcript: Hi I'm Dan Moyle with AmeriFirst Home Mortgage and THIS... is your "60 Second Mortgage Tip."
It's getting close to the end of the year. You may be thinking about what to do next year about your living situation. If you're renting right now and you're beginning to think about buying... it's best to prepare now. Here are 3 things you can do now to get ready to buy a home next year.
First: Pay down any debt you have so that your lines of credit are less than 30-percent of their limits. Pay them down more if you can, but that 30-percent mark is important. Just don't close the accounts. Not until you talk to a mortgage consultant.
Second: Put money in the bank. Not all mortgage options require a down payment, but having money in the bank will help no matter what loan you use.
Whether it's cash at the closing table, or just proving you can save money...cash in the bank is a good thing.
Finally: Talk to a mortgage consultant about pre-approval. Mortgage pre-approval will help you know how much of a house payment you can afford. It also lets you know where you stand on even getting approved at all.
Thanks for watching. For more video tips, be sure to subscribe to our channel. Again I'm Dan Moyle with AmeriFirst Home Mortgage. This has been your "60 Second Mortgage Tip."
This post was originally published on December 13, 2013. We updated it for time & date information and relevance.