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Buying a home starts with financial preparations, and should also include quality Homeowners Insurance.

In life, we have many important milestone events, such as graduation, starting a career, marriage, the birth of our children, and buying a home. Purchasing a home is an important and exciting process, but it's also a big financial commitment for individuals and families. For this reason, it's critical to do thorough research before buying a home. To help potential homebuyers, we're starting a three-week blog series focused on the areas to thoroughly research before and during the home buying process. Today's blog will look at the importance of financial preparation and key financial factors to consider before starting the home buying process.

The first and most important step when considering a home purchase is to review total family income to determine if buying a home is possible based on current income levels, outstanding debt and future expenses. Potential homebuyers should not only factor in the actual home price, but also mortgage interest, homeowners insurance needs, additional utilities, lawn maintenance, and furniture or appliance needs. By taking a thorough assessment of income, debt and future expenses, people can make smarter decisions and buy a home that meets their needs within their budget.

Another important part of the home buying process is to get finances and credit reports in order. Too often, people find their dream home only to learn later that they have issues on their credit report that prevent them from securing a lender or a low mortgage interest rate. If you're considering buying a home, you should review your credit reports with the three major credit agencies, Experian, TransUnion and Equifax. It is important to carefully review credit reports for any possible errors or suspicious activity and get problems corrected immediately. Credit reports and credit scores can confirm if home buyers are in good financial standing to buy a home, or if they need to wait a year or so to improve their credit reports and financial situation.

Finally, financial preparation when buying a home should also include thorough research on other important factors such as mortgage lenders, school and property taxes and the proximity to area flood plains. Not all mortgage lenders are the same, so thorough research can help identify the best interest rates, as well as closing costs, financial requirements and other payment options. School and property taxes are also important financial factors to consider since these taxes can vary greatly depending on the county, school district, and neighborhood. In addition, a home within a local flood plain can mean the property is more susceptible to flood damage, which can impact home insurance needs and future property values.

Aegis is here to help Houston area residents as they begin the home buying process. The friendly and experienced agents at Aegis can help new home buyers obtain quality, reliable and affordable Homeowners insurance coverage, as well as Auto insurance protection and Flood Insurance if needed. In addition, clients can save hundreds on annual insurance premiums by bundling policies together, such as Homeowners, Auto, Flood, or Life Insurance. Contact Aegis at 713-850-7622 for more information or go online for a free quote today.

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