03/18/2023
According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable.
If you’re aiming to buy a home, here’s what you need to know to accomplish that goal.
💰Save for Your Down Payment
Your down payment is a big chunk of what you pay up front for your home. For most home purchases, buyers put down some amount of cash up front and then take out a loan to pay for the rest.
It’s a longstanding myth that you need to pay 20% of the purchase price for your down payment. In reality, 20% down isn’t always required. Regardless of how much money you can save for your down payment, know there’s help available. A local lender can show you options to help you get closer to your down payment goal.
Beyond assistance programs and different loan types, here are a few other tips to help you as you save for your down payment:
• Remember to factor in closing costs.
• Maintain your savings.
• Explore your options and lean on your trusted advisor for expert guidance.
💳Improve Your Credit Score
Your credit score is a number that indicates how financially reliable you are to lenders. If your credit score is preventing you from getting an affordable mortgage, there are steps you can take to improve it:
• Pay your bills on time.
• Mix it up. From auto loans, to credit cards, to mortgages – there are several different types of credit. And having a mix of them improves your credit score.
If you want to purchase a home this year, DM me so you can to build your team of professionals and start preparing.
Brokered by Keller Williams Realty
