*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Ambition is an amazing thing, especially when it comes to buying a home. It's exciting to hop on websites and search for homes, layouts, and area's that fit your family's needs. It's exciting to dream of the new furniture, décor, and colors of paint that will set the mood for your time at home. It's exciting to picture yourself living in a space that's yours, a space to grow, and a space that will welcome friends, family, and neighbors.
Below are five tips to help make these dreams a reality. It'll take effort, determination, and discipline, but in the end, it will be worth it.
First, start saving for your home early. Whether you're a first time home buyer, or a seasoned homeowner looking for a new adventure, it's never too early to start saving for a new home. Start by setting up a savings account with your bank that you can easily put money into. Put the name of your savings account as "new home" or "dream house" or something along those lines, so that you can remember what those funds are meant for. Set goals and put aside money from each paycheck into that savings account. Over time, those funds will grow to a point where they can be used for the purpose of purchasing a home.
Next, consider maintenance and surprise expenses. Each new home will come with its share of things to fix up or change. Each change will come with an expense, whether that expense comes from Home Depot, or Home Goods is up to you, but additional money might be needed to fund those changes.
Buy sooner rather than later to begin building equity. Equity is a borrower's friend. The more you pay down your loan, the more equity you will have. Equity will give you the opportunity for cash-out refinances, purchasing another home, or using that money for reasons that are important to you. As you make the decision to build equity sooner, the more opportunities you'll have to use that equity throughout your life.
My last tip is to buy a home for the future. Many borrowers want to buy a home for the here and now. For some borrower's, that may be the best option available, and that's okay! For those who can afford it though, it's important to buy for the future. Want to finally move out of that college dorm and move in with friends, or settle down and get married? Look for a home in an easily accessible area that's capable of hosting those you love. Want to start a family? Look for homes with multiple bedrooms. Want to have enough space for grandkids to roam freely and enjoy their time at grandma and grandpa's house? Look for homes with open spaces, both indoors and outdoors. Buying a home for your future is important so that you're set up when those goals you have in life, come to fruition.
For more homebuying tips, contact me today! I'd love to give you ideas that will help you buy that home you've been searching for!
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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