3 Tips when you are waiting to buy a home

Getting all your ducks in a row while you are waiting to buy a home is important. You may need to clean up your credit or stay at your job for another year before you can qualify for a loan. Here are a few things to keep in mind if you're waiting for a beat to buy a house:

• Save like you're buying tomorrow.  Save aggressively to have more of a downpayment available - which translates to more options when it is time to buy a home.
• Pay down your debt. The less debt you have, the fewer bills you pay every month. That makes it easier to afford a mortgage payment. If you're not ready to buy yet, pay off as much debt as you can to maximize your chances of a successful mortgage.
• Keep an eye on your credit. You don't need to check it every day, but it's important to know what's on your credit report. Check in regularly to make certain your creditors are reporting accurately. You can get a free credit report every year here: AnnualCreditReport.com. And, if you find errors in your credit report, read What to do if your credit report is wrong. 

It's wise to be cautious about a decision as big as acquiring a new home. And use the intervening time wisely, too. Learn more about the home mortgage you might expect when you enter the market again - and what you should do to prepare while waiting to buy a home.