Talk to a loan officer!
It is never too early to have a conversation about where you are today, where you’re going, and what you need to do to achieve your goals. A loan officer can not only do a credit review and provide advice on how to repair or build up credit, but can also provide you with a good sense of what your income today might support, and how you can work towards saving for a down payment.
Start saving – every little bit helps.
You may want to think about co-housing while you’re still young, or cutting down on some of the pricier expenses in your day-to-day life. Every dollar that typically goes towards those expenses can be put in a savings account and, one day, used for a down payment – the most difficult part of buying a home.
Consider: where do you want to be in five years?
It’s clear that the days of staying at one job for five to thirty-five years are over. But it’s also important to consider where you are today, where you’re hoping to go, and when you want to settle; that way, you can plan thoughtfully and appropriately for your future.
What kind of lifestyle do you want? If you want to be in a new construction building with fancy amenities, you may need to consider where you can realistically make that happen – the answer may be Temecula instead of Los Angeles. If you’re locked into a more expensive city because of a particular career, consider what sacrifices you might be able to make in order to make your current lifestyle and your future finances work for you.
Stop watching home improvement shows!
You’ll need to start thinking about setting realistic expectations for yourself and your future home. You may not be able to get all-white, stainless steel appliances, but you could get an appliance that needs a little elbow grease, then put in just a bit more money to get the clean, finished dream home you imagined!
SOURCE: Amy Tierce - moneyinc.com
All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. Please contact Academy Mortgage for more information.
The content in this video, article or any other medium is for informational purposes only. Please consult a tax professional about your specific situation and the tax savings benefits of homeownership. Please consult your financial advisor about consolidating short-term debt into long-term debt.