There are plenty of preparations would-be home buyers can make to put homeownership more within your reach in 2017. Here are three New Year’s resolutions to adopt to get on the path:
I will automate my down payment savings.
Buyers who are trying to save up the often-recommended 20 percent down payment will need to get savvy at saving, stat. First off, you often don’t really need 20 percent down, but you do need to save. Here’s a way to commit: Automate your bank accounts so that you regularly set aside a small amount of your paycheck into a separate savings account dedicated as your “house fund.” Amassing enough for a down payment takes discipline and perseverance, but setting up automatic savings can make it easier. If you never see the cash, you won’t spend it.
I will clean up my credit.
Pay your bills on time. Keep up on credit card, car, and college loans. Mortgage lenders want to see that you aren’t sloppy with credit. You don’t need to avoid credit altogether, however. It’s also important to establish a credit history. Most lenders recommend not using more than 30 percent of your available credit.
I will budget wisely.
Downsize your budget now so you’ll be able to save more for your down payment and pay down any debts. Also, factor in added expenses that come with buying a new home, like furniture and accessories. If you know that a mortgage is going to take a bigger amount of your paycheck, create a budget that factors that in so you can get used to living on less disposable income.
Author:KC Cormack Phone: 415-690-3346 Dated: January 8th 2017 Views: 169 About KC: Originally from Southern California, KC moved to San Francisco in 1990. After entering the real esta...
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