Simple Tips to Get You Started on the Right Path to Homeownership
Buying a house is one the most financially rewarding decisions you will make. A mortgage builds wealth with each payment by growing the equity of your home. It’s the smartest way to invest in your future and the road to homeownership is definitely a rewarding one.
For most, the road to homeownership takes careful planning and sacrifices. Here are a few suggestions to get you started on the right path to homeownership:
- Goals. Have your goals clearly mapped out. Knowing and visualizing your goals will pave the road to success. Write your wants, your price points, credit scores and savings goals then work towards hitting those milestones. Pro Tip: Give yourself a timeline to help you stay on track.
- Research. Start familiarizing yourself with the area you wish to live in. Find out how the neighborhood behaves at all hours of the day. Take into account your daily commute and note the nearest schools, hospitals and shopping centers. Need help determining these factors? We can recommend a REALTOR ® that is well informed of the area you want to live in.
- Loan Officers. Begin reaching out to the team of experts that will support you in your home finding efforts. This includes a Mortgage Loan Officer from NOVA ® Hone Loans. Bringing them early into the game will allow them to better understand your goals and find your best possible options.
- Tackle your debts! Beginning with your smallest ones first! Consider consolidating some of those debts in order to free up some money. A huge determining factor in your loan application will be your debt-to-income ratio. Keep that in mind as you pay off debt.
- Small changes yield big results. Making small adjustments in your daily life can lead to a large amount of savings in no time. Consider brewing your own coffee, cutting back on shopping, spending more time at home and finding free ways your family can have fun.
Many families report having made life changes leading up to homeownership. Don’t worry, it is all well worth it! There’s nothing like having worked hard to accomplish your dreams.
We know how that is, we help make families make their dreams of homeownership come true! EVERY. SINGLE. DAY.
Call us! We are ready to help!