Let 2017 be the year you finally buy a home. It can be difficult to save and qualify for a mortgage – but you can do it this year with these tips.
Stay on top of your credit
Pay bills on time, pay down your debt, report any errors on your credit report. A good credit report shows that you can handle the responsibility of repaying a loan. The better your credit, the better interest rate you can receive, saving you lots of money over time.
Make saving pain-free
The easiest pay to save is to “pay yourself first, automatically.” Figure out your monthly budget and set up a few savings accounts and have money transferred automatically each month after your check is direct deposited into your checking account. You won’t miss that extra $100 and will be pleasantly surprised to see how that small amount will grow over time into a good sized sum you can use for a downpayment.
Cut out the daily extras & make your own
Eat out less/learn to cook & brew your own coffee. Easing into some changes with these 2 items alone will save you a LOT over a year. Homeownership does require some budgeting and ongoing savings. Starting some new saving habits will serve you well as a homeowner.
Meet with a lender
Looking at houses without knowing what you can afford is a waste of your time. Start early and plan/prepare. Be pre-approved for a certain amount of loan and know what you can afford. That way, when the right house comes along, you will be able to act quickly and pounce on it. Not being prepared and pre-approved may mean you lose out on the perfect house.
Commit to building YOUR wealth
To quote David Bach in “the Automatic Millionaire”
“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”
First Weber sells real estate throughout Wisconsin & more: Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Southwestern WI, Western WI & parts of Minnesota, Michigan’s Upper Peninsula, Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com