Homeownership has long been considered the American Dream. It certainly is one every American should feel confident and powerful pursuing. But owning a home is also a personal dream as it provides us with safety and security, both financially and personally. You can begin the journey toward homeownership by answering the questions below.
1. Where Do I Start?
The process of buying a home can be both intimidating and overwhelming. You will need to think on critical things like how long you plan on living in an area, how much space you need (both inside and outside), what kind of commute works for you, and how much you can and want to spend.
The first step to this is partnering with a mortgage lender. Your lender will look at several factors to determine how much you’re able to borrow, including your credit history and current interest rates. I have some top mortgage lenders that I can provide to you as well!
2. How Do I Save Enough for a Down Payment?
Part of what you can afford can and will be determined on your down payment. While the idea of saving for a down payment can be daunting, there are many different options and resources that can help.
Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process. And the best part is, you may not need as much of a down payment as initially thought. This is where your lender will help you!
3. How Can I Reach My Financial Goals?
Another way to increase your savings is creating a planned budget and then sticking to it. If you’ve never created a budget before, check out MoneyFit.org for their budgeting worksheet you can use to create your own plan and five rules to follow when you’re saving. They recommend you:
- Identify Goals
- Record Expenses
- Record Earnings
- Compare and Calculate
- Fix Weak Spots
If you’re already budgeting, consider finding ways to tighten your spending a bit more. This can accelerate your journey to homeownership. After all, putting even a little extra into your savings each month can truly add up over time. This is another area where your lender can help you fine tune and get prepared!
The dream of homeownership is achievable with careful planning. And, most importantly, know that you don’t have to walk alone. As your real estate guide and partner, I’ll assist you through this process and be here for you each step of the way!