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W riting out your New Year's resolutions? If you're thinking of buying a home in 2016, it's time to add these five reso- lutions to your list: • Get your financial house in order: Good credit is key to getting a mortgage at a reasonable interest rate. If it's been more than a year, find out what your credit score is. You can improve your credit by paying your bills on time, working with a no-fees housing counselor and beefing up your credit literacy. Free online resources can help, such as Freddie Mac's CreditSmart online training. • Figure out how much you can afford. What do you earn? What do you spend? How much do you have in savings? Answering these questions will help you learn whether you are financially ready for homeownership. Make a budget and use free online tools and calculators to determine how much you can afford and the amount you have for a down payment. If you're short, reduce optional expenses and set up a monthly, automatic deposit into your savings account. • Explore your mortgage options. Don't assume you don't have enough for a down payment or won't qualify for a mortgage without 20 percent down. In fact, about 40 percent of today's homebuyers are making down payments that are less than 10 percent and a recent study found that 87 per- cent of U.S. homes would qualify for down payment help. Find out if you're eligible for any local or state down payment assistance programs. Remember, some options may be as low as three percent. But keep in mind that if you're not putting at least 20 percent down, you'll pay extra each month for mortgage insur- ance. Contact several mortgage lenders to shop around and get the best deal. • Get pre-approved for financing. It's highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre- approval will tell you how much home you can afford and can help you move faster and with greater confidence in competitive markets. • Rely on professionals. The typi- cal homebuyer will look at 10 homes over a 10-week period so finding and working with the right team is criti- cal. Housing counselors, realtors and lenders all play an important role in the home buying process. These pro- fessionals have the expertise to advise you every step of the way. For more tips and resources, visit myhome.freddiemac.com. With some firm financial resolve, you can make your dream of home- ownership possible in 2016. * Courtesy of StatePoint. Mortgage Rate To Rise The Federal Reserve is widely expected to begin increasing inter- est rates soon, which means the win- dow for record low mortgage rates is closing, according to Realtor.com. While rates are expected to go up gradually, higher rates push up bor- rowing costs and monthly mortgage payments. "You are likely to get the best rate you will possibly see, perhaps in your lifetimes through the majority of next year, but certainly, the earlier the better," said Jonathan Smoke, chief economist at Realtor.com. real estate » 30 December 10 • 2015 5 New Year's Resolutions For Prospective Homebuyers 1982010 415 S. Old Woodward, Birmingham MI 48009 I 248-644-7000 Our goal is to engage buyers and sellers bring them together to get top dollar for your extraordinary property. From the fi rst meeting to the closing Dana and Sandra will give you exceptional service and knowledge to showcase all the elements of your beautiful home. We will strategically market, stage and price your home to captivate an audience in this constantly evolving real estate market. Call us for a FREE home analysis! Dana Labes Realtor dlabes@signaturesothebys.com cell: 248.514.0781 Sandra Treboldi Realtor streboldi@signaturesothebys.com cell: 248.672.9669 Two agents with local expertise delivering remarkable results! Wishing You And Your Family A Happy Holiday! BUY SELL LEASE MANAGE Get RESULTS www.MetroSold.com Let our 100 years of combined experience and knowledge guarantee the best possible outcome. Jay Greenspan, Broker Jgreenspan@metrosold.com 248-488-SOLD MICHIGAN METROPOLITAN, REALTORS ® A DIVISION OF MICHIGAN PROPERTY MANAGERS serving Oakland County and the Entire Metro Area including Ann Arbor Residential & Commercial 2051740 *Ce