With both home prices and interest rates at all-time lows it is a perfect time to become a homeowner. Navigating the market these days can be tough especially for a first time home buyer. The following advice will benefit you in your pursuit of becoming a homeowner:

Improve your credit score: Your credit score plays a big role in determining your interest rate on your mortgage. 664 is the national average and the median is 723. Scores over 700 have the best rates on a mortgage.

Set a budget: Knowing your budget when house hunting is critical. Contact me and we can determine what type of loan you qualify for and what your monthly payments might be.

Increase your savings: Once you make the decision to buy a home you must start saving immediately. There is a lot of cash needed when it comes to closing time. It is recommended that you save enough for 6 months of mortgage payments as well as your down payment which is a minimum of 3.5% of the purchase price.

Avoid big spending: At this time you will want to avoid any big ticket items in order to keep your savings high.

Find the best location: Location plays a vital role in buying a home. You want to choose a neighborhood in a good school district, that is safe, and close to work, family, and friends. Keeping all this in mind you also have be able to afford the location or be willing to downsize for the benefits that come with the area.

Research the local real estate market: If you pay attention to the market trends that are going on in your area of interest you will be more prepared financially to make an offer at the right time.

Consult a Realtor: Realtors will help prepare you for this process by answering all your questions. They will help make the home buying process easier for you.