Is your goal for 2017 to buy a home of your own? Realtor.com recently shared ‘5 Habits to Start Now If You Hope to Buy a Home in 2017’ … below are the top 3:
#1 Automate Your Down Payment Savings
Saving for a down payment is often one of the biggest barriers to homeownership cited in survey after survey. One way to jump start your savings is to automate your checking account to automatically save a small amount of your paycheck into a separate savings account or ‘house fund’.
“Amassing enough for a down payment takes discipline & perseverance, but setting up automatic savings can make it easier. If you never see the cash, you won’t spend it.”
#2 Build Your Credit History & Keep It Clean
When you go to apply for a mortgage, lenders will want to see that you have been able to pay off past debts. This means staying on top of your student loans, credit cards and car loans and paying them on time!
Credit bureaus recommend using no more than 30% of the credit available to you.
#3 Practice Living on a Budget
Downsizing your spending now will allow you to save more for your down payment & pay down other debts to improve your credit score. A recent study showed that “95% of first-time buyers were willing to make sacrifices to buy their home faster.” (below are the top 3 sacrifices made)
Some Highlights:
- Realtor.com recently shared “5 Habits to Start Now If You Hope to Buy a Home in 2017.”
- Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.
- Living within a budget now will help you save money for down payments and pay down other debts that might be holding you back.
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