Preparing to Purchase: 5 Things to Do to Get Ready to Purchase Your New Home

Buying a new home is an exciting prospect. The spring and summer housing market is heating up and rates are low ‒ you are ready to take the leap…right?! If you are feeling compelled to ‒ or maybe just pondering the idea of ‒ making the move into a new home purchase, make sure you don’t hit any potential bumps along way by following our tips below.

Examine Your Finances

Obviously purchasing a home is a large financial decision. Taking a look at your monthly expenditures and your debt is a great way to get started in the home purchase process. Take a look at where your money is going every month; figure out where you can make changes in your spending or cash flow that’ll increase the money you can dedicate toward saving for a down payment. Look for easy areas of spending, like that monthly subscription you don’t even use or start making coffee at home versus the expensive cups from the drive through on your way to the office. These are simple tweaks in habit that may give you a big boost to start saving.

Check Your Credit

While you are examining your finances, pay special attention to your debt, especially credit card debt. Things like credit card debt or accounts in collections are places you will want to focus your efforts first. Getting your debt in line and any past due accounts caught up could be the key to making sure your credit score is trending in the right direction. If you have never had a credit card it may be a good idea to open one and pay off the balance every month to give your score a boost. Use it for simple expenses like filling your gas tank, or groceries. All of these are just suggestions; for specifics on building or rebuilding your credit, it is best to get in touch with a professional. The key takeaway here is to get your credit score on your radar.

Get Pre-Approved

This step is so important for many reasons. Even if you are thinking about buying in the next 6 months to a year, speaking with a Mortgage Consultant now can set you up for success later, and maybe even sooner than you thought. When you choose the team at Cambria Mortgage, they look at your unique and specific situation, your future homeownership goals and the current market conditions to give you an overall picture of what the home buying process will look like for you. Once you know where you stand and what ‒ if anything ‒ you need to work on before your purchase, you will be that much closer to your new home.

Set-up Your New Budget

Once you are pre-approved and know the price range of homes you are qualified to be looking at, start living like you are making that monthly mortgage payment. You may be pre-approved for a certain amount, but the larger payment could limit your discretionary funds that you use for travel or other fun things. Living with the new payment will give you a true sense of how much you really want to spend before you actually make the commitment. So every month set aside that specific dollar amount. If things go according to plan, this will help you have a good chunk of savings set aside for that downpayment, too. Now that is a win-win!

Find a Realtor

Now that you are pre-approved, your finances feel good and you know what you want to spend on a house… Contact a Realtor and get out there! Working with a Realtor can help you target neighborhoods that fit your lifestyle and get into homes before they even hit the market. With rates as low as they are and inventory still pretty tight, having a professional on your side could be the key to your success. If you have no idea how to find a good Realtor, talk to your Mortgage Consultant; chances are they have worked with a lot of great ones through the years and can help you with a few recommendations. 

Ready to get started? Your Cambria Mortgage professional can explain the various home mortgage programs, help you decide which loan is best suited to your needs and guide you through the process. For more information, visit or call 952-942-0110.

Back to Basics: How to Create (and Stick to) a Budget

For many, the recent global health crisis has thrown us a financial curveball. With any budget, and especially with the amount of uncertainty at large, it’s important to periodically examine your finances to make sure you are optimizing your assets and preparing for the future. If you do not currently have a budget, this is a great place to start. Read on for tips to create, and live by, a budget.

Tips to Maximize Your Credit Score

When looking at your financial portfolio, credit score is a vital piece of the equation. Maintaining a solid credit score is not difficult, but it does require management. If you have had struggles with your credit in the past, it could take some time to rebuild, but it is a worthwhile effort. Here are some tips to help you maintain, or repair, your credit score.