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ACCC Helps First Time Homebuyers Prepare for Homeownership During Get Organized Month

National nonprofit ACCC offers planning and advice to help consumers get organized and purchase a home.  Preparing for Homeownership

(Boston, MA) – January 30, 2015 — National nonprofit American Consumer Credit Counseling is helping consumers who want to purchase a home during National Get Organized Month this January. Organization is key when it comes to getting ready to buy your first home. Planning for it financially can be a daunting task, but with the right preparation and research, it can be achievable. 

“Buying your first home can be a complicated and intimidating process, both emotionally and financially,” said Steve Trumble, President and CEO of ACCC. “Buying a home is one of the largest investments consumers will ever make, and it’s critical that they prepare financially before they take the leap. These tips can help individuals – particularly first time homebuyers – get organized so that the process of becoming a homeowner is as smooth as possible.” 

Buying a home is a major life decision. You’ll want to do everything in your power to make sure you’re financially secure enough to tackle the investment. If you’re planning to buy a home in the near future, here are some necessary steps you should take well before you start looking.   

Pay your bills on time- Your credit history plays an important role in the home buying process. This includes rent and bills. If you have a history of paying credit cards, utilities, student loans and other bills late, it can damage your ability to secure a mortgage. Create a schedule and budget so that you can pay bills on time as they are due. 

Pull your credit report- It’s critical that you know what your credit score is since it is one of the first and most important items a bank looks at when determining whether to grant a mortgage. When examining the report, make sure to look for inaccuracies or mistakes. If there are any, you’ll have to address with the credit bureaus and if your score is lower than it should be spend the time necessary to improve your score long before you are going to buy.

Trade lines- Most lenders prefer if you have three or more trade lines (credit cards, student loans, car loan, etc.) that have been open for at least a year. It’s also important to avoid closing these trade lines because it will negatively affect your credit score. 

Save as much money as possible. A larger down payment (20%) or more can save you hundreds in additional insurances and give you more buying power.   

Do your research – There are many other factors you have to consider when buying a home in addition to the purchase price of the house. Property taxes, homeowners insurance, utilities, maintenance, condo fees and repair can add up very quickly. Make sure to research interest rates to determine the best time to buy. 

Homebuyers Course – Consider enrolling in a first time homebuyer’s education course. These classes, which are often offered online by a variety of nonprofit organizations, provide homebuyer’s with detailed information, advice and budgeting tips on how to successfully purchase a home. The detail provided – from credit reports and mortgages, to home inspections and insurance – can be invaluable. 

ACCC is a 501(c)3 organization, that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC: 

  • For credit counseling, call 800-769-3571
  • For bankruptcy counseling. call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a non-profit 501(c)(3) organization dedicated to empowering consumers to achieve financial health through education, counseling, and debt management. ACCC provides individuals with practical solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation’s leading providers of financial education and credit counseling services, ACCC works with consumers to help them with the best plan of action to reduce their debt and regain financial stability. ACCC is accredited by the Better Business Bureau and holds an A+ rating. It is also a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources log on to ConsumerCredit.com or visit TalkingCentsBlog.com

 

 

 

 

American Consumer Credit Counseling (ACCC) is a non-profit debt relief agency offering consolidated credit counseling and consumer debt solutions. If you have debt to consolidate, we can help you consolidate credit without taking a loan or paying high fees like some debt management companies charge. A fair, effective debt reduction service, our debt management program simplifies your payment responsibilities and often results in reduced interest rates from your creditors. As a leading national debt consolidation firm, ACCC has also been approved by the Department of Justice to provide credit counseling for bankruptcy both the pre-bankruptcy credit counseling certificate and the post-bankruptcy debtor education. Homepage Footer: American Consumer Credit Counseling (ACCC) is a non-profit credit counseling agency and debt consolidation company that provides help to anyone who is asking, "How do I get out of debt?" Our services include credit counseling, financial education, debt consolidation and debt reduction services for consumers nationwide. Our certified credit counselors have helped thousands of individuals and families find debt relief through debt management plans that consolidate debts and debt payments to pay off credit cards and eliminate debt. We also provide bankruptcy counseling and bankruptcy debtor education services, including pre bankruptcy credit counseling for a bankruptcy certificate.

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