Life is all about the milestones, and once you have graduated college you are onto the next big milestone in your life – buying a home. Although buying a home after graduation may seem daunting, it IS possible. Check out these tips to learn how you can get a jump on getting a mortgage as a postgraduate.
- Know your student loans. If you are like the majority of recent college grads you have a piled up a decent amount of student loan debt. Make sure that you know how much you owe and have a written record of this data. It will be taken into account when applying for a mortgage.
- Become familiar with your credit score. Everyone knows that credit is very important when applying for a mortgage so make sure you know what your credit score is. If you are like many recent graduates and have little to no credit, take the time to build your credit score. This can be done by opening a few accounts in your name and then responsibly paying them off in time.
- First Big Kid Job. Getting a job in your field after graduation is not only relieving but it can help you when it comes time to apply for a mortgage. Having full-time job with a steady income will be very helpful when applying for a mortgage.
- Keep Your Finances Organized. As you begin to accumulate more bills and paperwork, it is important to stay organized so you know exactly where all of your money is going, and when your payments need to be made. By keeping track of everything you can make sure you have money to cover all of your expenses and keep you from missing your monthly payments.
- Avoid large new debt. It is easy to get caught up in your first postgrad pay check and want to buy everything, like a new car, new couch, new flat screen TV…the list can go on and on. But when looking to buy a home it is important to not accumulate a large amount of debt before applying for a mortgage. So hold off on that new car for now and spread out your purchases over time.
- Explore your loan options! That is where we come into play. If you have any questions regarding financing a mortgage or just want to look into options, please contact a member of our Housing Buzz Team today!