Nine Financial Factors To Consider Before Buying Your First House
December 23, 2019 by Expert Panel
Purchasing a house is one of the most — if not the most — impactful financial investments that most of us make in our lives. The mortgage, financing and associated costs of maintenance have the potential to impact a homeowner’s income well into the future. Deciding to buy a house today could have a major influence on someone’s earnings as much as 30 years down the road.
As a responsible future homeowner, you owe it to yourself to examine the critical factors that may affect both your short-term and long-term finances. To help you with the decision, nine members of Forbes Finance Council discuss the key factors you should consider before buying a home.
7. Your Credit Score
A buyer should be very focused on improving their credit score to the highest attainable level while planning to shop for a home. Doing the work necessary to improve one’s credit in advance of a home purchase can save thousands in interest charges. A lower credit score means you’re a higher risk, and you’ll be charged a higher interest rate. Don’t make the mistake of not planning and paying excessively and unnecessarily. – Sheryl J. Moore, Wink, Inc.