Buying a home? Bankers say do these 8 things first

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Manage your budget, check your credit, and more

Ben Lane
June 2, 2014 4:17PMMany first time homebuyers launch into the market, find the perfect home, and then decide to look at getting a mortgage. Imagine the disappoint when they are declined and the perfect nest slips from their grasp.

That’s because the buyers have the process backwards.

Yes, for many prospective homebuyers, the process can seem daunting and maybe even overwhelming. For first-time buyers, there are many obstacles that may prevent them from owning their own little piece of the American dream.

One of the biggest potential obstacles is obtaining credit to buy a home. Increasingly tight credit standards may be squeezing out potential buyers, but the Independent Community Bankers of America say they’re willing to help. Of course, big box retailers, such as Wells Fargo (WFC), and nonbanks such as Nationstar (NSM), could also help first time homebuyers get mortgage. And this advice is applicable not just to the community bank crowd the ICBA represents, though they’d argue that community banks offer a higher level of service for potential homebuyers.

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