With interest rates rising and the housing market cooling, 2023 is poised to be a year that favors homebuyers. Though there are still a few months left until the new year begins, now is the time to get prepared for buying a home if you’re soon to be in the market. 

                By                    Nicole Spector

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Here are 5 moves to make right now. 

Focus On Saving

Hopefully you have an ample nest egg by now and can afford to make a down payment without disrupting your emergency savings. Regardless, you can never have too much cash accruing interest in your savings account. You’ll need to cover not only a down payment, but closing fees and move-in expenses. Keep that in mind while squirreling cash away. 

Get Your Credit Report

When was the last time you downloaded a copy of your credit reports from the three credit bureaus? Get free copies of your credit reports from Experian, Equifax and TransUnion. Read them thoroughly so that you can dispute any mistakes or fraudulent activity right away. 

Lift Your Credit Score

The better your credit score, the better your odds of landing a good mortgage rate and appealing to homesellers. If you haven’t already been paying your bills on time, you must start being a stickler about that. Additionally, you’ll want to keep your current credit cards open — and not open any new accounts or take out any other loans. 

Double Down on Debt 

Now is the time to make more than the minimum payments owed on your debts. The more debt you carry, the more reluctant a lender may be to approve you for a loan. 

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Get Pre-Approved For A Loan 

One of the first questions a real estate broker will ask you once they know you’re a serious prospective homebuyer is whether you’re pre-approved for a loan. Your answer should be “yes.” Begin your journey to getting pre-approved by consulting with lenders that will scrutinize your income, assets and credit score to inform you what loan options are best for you.

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