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Start preparing now to buy a house in 2010

December 2, 2010 - With the year coming to an end, many people may be thinking of New Year's Resolutions. For those thinking of moving in the spring, this may be a good time to do an inventory of what you need to do to make the buying process a successful one.

With lenders more cautious about mortgage approvals, potential borrowers need to be sure that their finances are in order. A credit check is an essential part of the approval process. It may be a good idea to get a copy of your credit report to make sure it is accurate. Be sure to pay all bills on time, even if you can't pay the entire amount; make at least the minimum payment to keep your credit in check.

Start saving for the home purchase well in advance. It is generally suggested to put a 20 percent down payment on a property. This may allow you to get a better interest rate and borrow a larger amount. Down payments that are less than 20 percent often require the homebuyer to purchase private mortgage insurance, which is also known as PMI.

Get pre-approved for your mortgage so you know exactly what price range you should be looking in.

Before heading out to look at homes for sale, be sure to research towns and schools because these tend to have an impact on the resale value of the home.

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