Are you one of the many people dreaming of owning your own home? If so, you aren’t alone. It is one of those dreams that transcends culture, age and region, and it’s been a mainstay of the American Dream for years. Owning a home has become a symbol of success and security. Unfortunately, too many people find that dream is just out of reach. If you are one of those, it doesn’t have to remain that way.
- Start by making a budget. Build a budget that is as detailed as possible. Don’t leave out any monthly expenditures, no matter how small they are. Once you have a budget, stick to it. Are you able to save money each month, or are you spending everything you earn? Find ways to add to save money and add your downpayment fund. At the same time, try to limit the number of new loans and other financial commitments you take on.
- Figure out how much you can afford to spend on a house. (That’s where we come in!) Call us at (801) 555-1234 and we’ll crunch some numbers for you. Knowing how much you can afford and getting pre-qualified before you start looking for homes is a great way to start your homeownership journey.
- Ask us about low-downpayment home loan options. There are many different types of loans available, many with low downpayment options.
- Don’t tap your retirement savings. While it may be tempting to borrow money from your retirement plan to use as a down payment on a home, it’s often not a good financial move. Instead, you may want to put off purchasing your home a little longer until you can save more money for a down payment.
Investing in a home of your own can be an important and life-changing step towards a better life. Purchasing a home shouldn’t be a spur-of-the-moment decision fueled by emotion. It should be as carefully thought out as any investment you would make with your money.
*Opinions expressed are solely my own and do not express the views of my employer.
