If you’re a first-time homebuyer who has succeeded in saving enough for a down payment (remember, you don’t necessarily need 20%) on your very first home – congratulations! You’ve tackled one of the hardest parts of the homebuying journey with success, but you haven’t crossed the finish line to homeownership just yet. Now it’s time for the follow-up work that can take you from prepared to purchase.

Credit Check 

Do you know your credit score? If not, it’s time to request a copy of your credit report from TransUnion, Equifax and Experian to find out your score and what it means to your future financial picture. Start working to resolve any errors or outstanding debts before it’s time to make an offer on a house. It’s important to determine your DTI, or debt-to-income ratio, by reviewing assets and debts. The higher your DTI percentage, the riskier the investment is for lenders – which can lead to higher interest rates.