If you’re thinking about buying a home, one of the first things you need to understand is whether you’re financially ready to own a home. Understanding how much debt you can take on and having good credit is essential if you want to qualify for a mortgage. It also helps you get the best interest rate.
In a 2023 survey of recent homebuyers, 53% said that debt had caused them to delay buying a home for four years or more. Additionally, issues like having poor credit or a lack of savings can further delay your goal of buying a home.
What’s the solution? For many aspiring homeowners, talking to a credit counselor could be the key. Credit counselors understand the ins and outs of homebuying, can assess where you’re coming up short, and advise you on how to speed up the process. Best of all, many credit counselors offer these services and guidance for free.