How would you like to own the home of your dreams in the next 12-36 months? Look below to find out how!
Most potential buyers find that the biggest barrier to owning the home of their dreams is having saved cash for the down payment. We’ve outlined 3 simple steps that can help you on that path to becoming a home owner, that won’t break the bank or your lifestyle.
1. Automate Your Down Payment Savings
Survey after survey shows that saving for a down payment is often the biggest barrier to homeownership. One way to effortlessly grow a savings account is through automated savings; each week, automate your checking account to autoatically put a small amount of your paycheck into a savings account or “house fund.” If you never see the cash, you won’t spend it.
2. Build Your Credit History & Keep It Clean
When applying for a mortgage, creditors will look at your credit score to see how able and willing you are to pay back your debts. Staying on top of student loans, car payments, credit card bills, and other credit payments will assure the building of strong credit.
3. Practice Life on a Budget
Downsizing your spending now to save for a down payment is perhaps the most beneficial way to save. A recent study showed that “95% of first-time buyers were willing to make sacrifices to buy their home faster.” The top 3 sacrifices buyers were willing to make included New Clothes, New Car, and Travel.
These few simple tips can help you get your finances on track to owning the home of your dreams!!