The American Dream of homeownership is a long-held ideal. Every American should be able to achieve it. Owning a home is a deeply personal dream. Our home is our safety and security. It’s also a place where we can flourish .
Today, we celebrate the legacy of Dr. Martin Luther King, Jr. Many will recall his passion and determination to support the causes he believed in, such as his 1963 speech ” I have a Dream”. It may be inspiring to you to dream of homeownership as we reflect upon his message today. You’re not the only one who feels this way. You can start your journey towards homeownership with a trusted real-estate advisor by your side.
It is important to understand the process when buying a house. It is important to determine how long you will be living in the area, how big you want, how many square feet you need, how easy it is for you to commute, and how much money you are willing to spend.
Once you have decided to purchase, you will need to apply for a mortgage. To determine how much money you can borrow, your lender will consider several factors including your credit history. Lenders will want to know how you have managed your student loans, credit card debts, and other past obligations.
Most lenders recommend that you spend not more than 28% (pre-tax) of your monthly gross income on your mortgage payment. This includes principal, interest, taxes, and insurance.
You’ll need to determine how much money you have available to pay for a down payment. Although saving for a down payment can seem daunting, there are many resources and options that can help.
You may wish to have your paycheck sent directly to your savings account.
A plan budget is another way to increase savings. There are many tools that can help you budget if you have never done it before.
You can tighten your spending to speed up your journey to homeownership if you are already budgeting. It’s amazing how much a little bit of extra savings can add up over the long-term.
You can achieve your homeownership dream if you plan well. You don’t have the luxury of walking alone. You can count on our real estate professionals to assist you every step of your way.