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How to Get into a House after Graduation and Prep for the Future (199 hits)

Graduating from college is a big milestone in life for many people, but buying a house is an even bigger milestone that a lot young people aspire to. Many people choose to wait and get their career established before attempting to buy a home, but if you want to get started building equity right after you finish your college degree there are ways to do so. Here's how to get into a house after graduation and prep for the future.

Pay Attention to Your Credit Score

Even if you've gotten a great job after college and managed to save money for a down payment, getting a house can be tough if your credit score has suffered while you were in school. Your credit score is one of the main factors lenders look at when deciding whether to give you a mortgage and what rate to charge. If your credit score is in rough shape, you could wind up paying a higher interest rate, or you may not even be able to get a loan at all. Pay attention to your score while your college. Make sure to pay all bills on time and keep your debt as low as possible.

Look for Loan Programs

There are all types of loan programs aimed at first-time home buyers, so checking them out to see if you qualify can make it easier to get into a home. These programs usually require low down payments and may have lower credit score requirements than conventional loan programs. Ask your real estate agent what programs might be available to you.

Get a Home Warranty

In addition to your monthly mortgage payment, you have to budget for home maintenance and repairs. Some companies, like High Tech Home Warranties, know that it's estimated that most homeowners pay 1-2 percent of the value of their home annually on repairs and maintenance. Buying a home warranty can help protect against this. Home warranties usually cost a few hundred dollars and will cover things such as major appliances breaking down.

Stick to What You Can Afford

The temptation of many young people when buying a house is to buy their dream home right from the start. However, it is better to start small to leave room in your budget for student loan payments and retirement savings. This also will give you a bigger opportunity to build equity in the home.

Buying a home after graduation is possible. Following these tips and being disciplined financially will help you make the right choice and prep for the future while building equity in your new abode.
Posted By: Rachelle Wilber
Tuesday, June 6th 2017 at 6:07PM
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