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What's Your 2020 Vision?

 New Years 20202.jpg

What’s your 2020 Vision?

Every year, when the holidays come to a close, we naturally start thinking about our goals for the 365 days ahead of us (or, in the case of 2020, 366 days). This often involves breaking what we see as bad habits and trying to form new, better ones. While there’s nothing wrong with buckling down and eating healthier, getting more exercise, and practicing mindfulness, taking a look at our finances is just as important.
NOVA is aware that people can get scared out of applying for a loan just because they’re afraid of getting taken advantage of by lending institutions. While we are fully committed to guiding you through the process in the most painless way possible and only suggesting what’s in your best interest, there are things you can do to make sure that you’re in the best position possible when you start the home-buying process.
  1. Make a budget and expense spreadsheet. Write out how much you and others in your household earn, then keep record of how much you spend on food, gas, entertainment, and miscellaneous expenses weekly and/or monthly. This is a good idea whether you already own a home or are just in the beginning stages of house-hunting.
  2. Have a general idea what you’re looking for. Research neighborhoods and make a list of deal-breakers and must-haves when it comes to the home you eventually want. This will help streamline the process for your Realtor and, in turn, your Loan Officer.
  3. Don’t make any major purchases. If you plan to take out a home loan in the near future, hold off on taking out other loans for big items, such as automobiles and student loans. You want your credit to be in the best shape possible.
  4. Contact a Loan Officer today to answer any and all preliminary questions. There is absolutely no obligation to take out a loan when you call one of our Loan Officers, nor do you have to stick with the same LO you first speak to when you reach out to NOVA.
Whether owning a home is part of your one-year plan or is still years away, there’s no time like the present to start planning accordingly. The most important thing is not to automatically assume you can’t afford a home because of credit or other factors, because NOVA and our Credit Services Team is here to help!

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