Gauging Your Financial Fitness to Purchase a Home in OKC
January 14, 2016
Well this is the month of fitness resolutions, isn’t it? You may be hitting the gym, doing a few extra sit ups, or watching what you eat. But are you looking at your financial fitness in order to get yourself into a new home in Oklahoma City? How do you gauge your financial fitness? You can’t just hop your back accounts up on a treadmill and see how fast they run, but you can start with knowing what your credit reports look like. There are plenty of free credit check websites available out there to give you a reading on the state of your credit. This is a good place to start. Or contact C Solutions for a free consultation. Credit Scores - Take a look at your credit scores. Are they adequate? Do They need some work? Do you need to do some legwork to remove items from your report that are not serving you? Debt - Once you’ve taken a look at how you look on paper, start to see how you really feel in your wallet. Do you have a lot of debt you are carrying? Look at credit card bills, medical bills, car loans, and other miscellaneous bills. Do you have spending fatigue by the end of every month? Are there any expenses you can pay off or eliminate? Savings and investments – How much money do you have put away for down payments and closing costs? There are very few low or no money down loan options out there. Take a look at what you have available or can liquidate in order to purchase a new home. Budget – What is your monthly budget like? Do you need to tighten your belt and add to your savings? Do you need to figure out where you can free up more cash to pay down your debts? Look at disposable income items such as clothing, entertainment, electronics, expanded cable and internet packages – where can you cut your costs? Once you can identify where your money is currently going you can figure out where you can make edits and changes to your budget in order to get into that new home you’ve been dreaming of. Examining these four areas will help you get yourself into financial shape in order to purchase a new home in Oklahoma City and the surrounding area. As you work on your financial fitness you can start looking for a new home and planning where you want to be. Just contact Elena and she’ll get you started on your goal of a new Ideal Homes, home.