If a new house is in your plans, there are things you can do and information you should be armed with to put yourself in the best position possible when the time comes to buy, including:

1. Check out your credit report. You don't want to be shocked if there are inaccuracies in your credit report -- or that bad debt you had in college is still on your record. Potential lenders will view your credit history -- how much debt you've accrued, how many accounts you have open, whether your payments are made on time, etc. -- to determine whether they'll give you a loan. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union. And as of December 1, 2004, you are entitled to receive one FREE credit report per year. Contact Phyllis for more information.

2. Get pre-approved for a loan. This way you'll know if you can get approved and how much you can spend on a house. It also puts you in a stronger position when you ultimately make an offer on a house.

3. Be realistic and look at your big financial picture. Just because a bank approves you for a certain amount, it doesn't automatically mean you should find a house for that amount. Factor in other debts and expenses and long- and short-term savings goals like college for the kids and retirement for you. Lenders generally say your mortgage should be about 25 percent of your gross monthly income. And always factor in some reserve savings to put aside each month.

4. Determine how much cash you'll have available for a down payment and closing costs (points, which are extra fees paid to secure a lower interest rate), origination fees, taxes, title insurance, and financing costs). The higher your down payment, the lower your monthly mortgage payment and the possibility of qualifying for a better loan.

5. Figure out how much your new bills -- utilities, water, insurance, maintenance -- and repairs will cost you each month.

6. Avoid making any major purchases, especially a new vehicle. If you do, you may have a harder time getting a loan -- or it could potentially lower the amount you'll be approved for.

7. Keep an eye on interest rates. If they start to creep upward, you may want to make your move.

8. Make a budget now as if you have a mortgage payment and the monthly expenses that come with owning a home. Put the money (or the difference between it and your current living expenses) into a savings account. After 6-12 months you'll know whether you can swing the extra payments -- and you'll have extra money for your down payment.

9. Gather your paperwork -- recent paystubs, tax documents for the past two years, bank account statements, etc.

10. Begin thinking about homeowners' insurance now. With the recent spike in hurricanes some areas of Northeast Florida are seeing soaring insurance rates. Again, make sure your credit report is accurate -- credit histories are sometimes used to determine whether a company will insure you, and, if so, at what rate. Also, the Insurance Information Institute says you should get a copy of your loss history report, such as a CLUE report from ChoicePoint or an A-PLUS report from Insurance Services Office. This is a record of home insurance claims you have filed. If you have not filed any insurance claims in the past five years, you won't have a loss history report. The better your report, the better chance you'll have of obtaining reasonably priced insurance on the house you buy. And if you're renting, make sure you have renter's insurance -- it's helpful to have insurance history when you obtain insurance for your new house.

And one final point...don't forget to call Phyllis Staines with RE/MAX Coastal Real Estate at 904-476-SOLD when you are ready to buy or sell.