This year, many of us have spent more time at home than ever before, and what we need from a home has changed. If you’re thinking about buying a home with a big backyard, a home office, or just a place where you can paint the walls and hang up all your favorite decorations, here are some new year's resolutions for you.

By Christopher Kelly, RE/MAX Bayside

Reduce your debt.

Your debt-to-income ratio (DTI) will play an important part when lenders determine whether they want to issue you a loan. Your DTI is the sum of all your monthly debt payments divided by your gross monthly income. You can improve your DTI by paying off some of your debt before you apply for a mortgage.

Improve your credit score.

Your credit history and credit score also play a big part in your mortgage approval. The better your score, the better the rate you’ll qualify for, which can save you tens of thousands of dollars over the course of your loan. Start monitoring your credit score now and look for ways to improve your credit score.

Save for a down payment and closing costs.

There are several low down payment options available, but even a small down payment is typically a few thousand dollars, depending on the cost of your new home. You’ll also have to pay closing costs when you purchase a home. These cover expenses such as title insurance, home inspections, appraisals, etc and could run around 5% of the home price. Start saving now to meet your home ownership[ goals!

After you lower your debt, improve your credit score, and save up your down payment and closing costs, you’re ready to get preapproved and find the home of your dreams!