Studying for your college courses? Focusing on athletics? Starting your new career? Even if you’re not quite ready to buy your first home, it is important to position yourself so when you decide to take the next step, you are completely ready.

Start with:

1.    Building good credit
Sign-up for a credit card but pay it off every month.  If you’re renting, use your name for the lease, utilities, and other bills but make sure these bills are paid on time.

2.    Saving for a down payment & closing costs
Open a savings account so you can start putting money aside and acquire more interest.  In addition to a down payment, buyers also need cash for closing costs.  There are loans that don’t require a down payment; however, most buyers choose to buy using cash upfront because more money down means a lower monthly mortgage payment.

3.    Researching where you want to live
Learn more about your area’s cost of living, taxes, utilities, and other housing costs.  Talk to a local Realtor and get an estimate on the monthly payment that fits your budget.  This information will help you create a financial plan so you can determine what is affordable.