If you’re still renting your place, the thought of buying a home can feel pretty overwhelming. A recent TD Bank survey of first-time homebuyers found that 64 percent of people who have never owned a home are concerned about affordability due to high mortgage rates. Despite those worries, nearly half are working to save up for a down payment.
If you’re one of them, read on for some money-smart moves that can put you on the path to successfully buying a home.
1. Check Your Credit (And Work on It)
The higher your credit score, the better the interest rate on your mortgage.
Pull your reports
Thoroughly understand where your credit stands by pulling a free copy of your report at AnnualCreditReport.com. It’s not a one-and-done free ticket, either; the site lets you pull your report every week without paying anything.
It’s important to note that your credit report may look different depending on the credit bureau. There are three main credit reporting bureaus in the U.S.:
