When you purchase a home in Owings Mills, Maryland, it will require a deep dive into your finances so you will want to be prepared. The last thing you want to do is find your dream home and then find out you aren’t financially qualified to purchase it.

 

Check Your Credit: Getting a mortgage does require a good credit score. You want to check your credit reports and correct any errors. One of the fastest ways to improve your credit is to pay down credit card balances and stop using them for a few months.

 

Start saving for a down payment and other expenses. A down payment can typically be between 3.5% and 20% of the home’s purchase price. Avoid the temptation to invest in the stock market with money you want to use in the next year or two.

 

Begin to collect documents that you will need to verify your finances. This includes bank statements, pay stubs, and W-2s.