- Understand and track your Credit Score. This is a key indicator that is used by your borrower and reflects the health of your finances and in turn your eligibility for a mortgage loan. There are many aids such as Credit Karma and Borrowell that can give you insight into your credit score monthly and provide advice on how to improve your credit.
- Do not make any large purchases at the same time as you are seriously considering purchasing a home. A home purchase can often trigger a need for other large lifestyle items, such as a car. Wait until after you have purchased your property to thoughtfully assess if you want to make any other large purchases.
- Don’t attempt to ‘time the market’. Sadly, this is an approach of the past. Trying to time the bottom of the market for purchasing and top of the market for selling can prove to be dangerous and oftentimes in the end is not worth the stress and small gain (if any) you may get.
