Is a home purchase in your family’s future? It is never too early to get a home-buying plan in place. Six to twelve months out is a good idea. While the mortgage side of the plan can seem daunting, it is arguably the most important. Now is the time. Plan, plan, plan.

Start with your credit; taking advantage of the right to a free copy of your credit report. Errors are not uncommon and can be the downfall to getting a timely loan. Your actual credit score will also be extremely important, both determining whether you qualify for a loan and ultimately the available interest rate. Next, consider your current debt. Balances carried on credit cards, charge cards, student loans and car loans will each lower your allowable monthly housing cost, thus limiting the home price you may wish to consider.

We continue to be blessed with a bustling housing market here in Dripping Springs. When you find that perfect home and want to make an offer, you better be ready to pull the trigger. It is therefore imperative that you are pre-qualified by a trusted lender before you begin looking at houses. A pre-qualification letter is very often required by a realtor before they begin helping a buyer search. They want to know you can afford; what they are helping you find. Likewise, a sellers’ agent will require a pre-qualification letter along with the purchase offer. Real estate agents on both sides want to know that a buyer will qualify for their loan.

Consult a trusted mortgage professional early to understand your situation, the impact it will have on your ability to qualify and for how much. They will show you where you are and where you need to be. Such a consultation will be free, as will getting that much-needed pre-qualification letter.

Shopping for a new home is such an exciting time in life. Do not let the mortgage side rob you of that joy. Get a jump start on it now. Plan, plan, plan.

Trey Powers is a licensed mortgage loan officer with City Bank Mortgage, a Texas-owned lender. Trey lives, works and volunteers right here in D.S. Call or email for help with anything related to your home loan. Contact 512-203-5869 and trey@treypowers.com.  Visit www.TreyPowers.com.