06/03/2026
June is National Home Ownership Month. 🏠 If you're a first time homebuyer, or considering becoming one, here are some tips for ensuring success on the path to home ownership:
1. Work on building your credit: A higher credit score can get you a better interest rate on your mortgage, saving you money long-term.
2. Gather your financial information: Loan providers will typically ask for 3 months of pay stubs and two years of tax returns. If you are self-employed or your income varies, you may need to submit more.
3. Develop a budget: Look for costs you can cut to save towards your down payment. Determine what you can reasonably afford—experts recommend keeping your mortgage payment 30% or less of your gross monthly income. You’ll also want to consider other expenses such as moving costs, HOA or condo fees, homeowner’s insurance, property taxes, closing costs, inspections, appraisals, and home repair and maintenance costs.
4. Talk to a real estate agent: A real estate agent can help you get clear on your needs and develop realistic expectations for the process. They will act as your ally, answering questions and guide you through the process. Find an agent you like and trust. You can ask for recommendations from friends and family, meet agents at open houses, or do some research on your own. Some people will choose a handful of agents and interview each one to find the best fit.
5. Get pre-approved: Having a pre-approval in hand when you’re ready to make an offer lets the seller know that you are a serious buyer who is prepared to make a deal and follow through. Not having one, especially in a competitive market, can result in your offer being rejected. Much like finding the right agent, you’ll want to find the right lender as well, so do some comparison shopping for the best rate and best fit for your needs.
Anna Trull, Broker Associate
Stark Company Realtors 🏡
📞: 608-206-5010
📧: [email protected]
annatrull.com
