Expert tips to set yourself up to become a homeowner
- April 24, 2023
- 4 min read
The biggest expense of buying a home is the down payment and saving for that requires some forethought. The first step is to find ways to start adding to your savings.
"Look at your monthly expenses and income and try to find areas where you could be saving more," Brunker says. "Is there something you can cut that will help you contribute to your down payment fund? Whether you begin saving $100 or $1,000 per month, any contribution to your savings can get you started in the right direction." By pairing a high-interest savings account with something like buckets , a feature of Ally Bank’s Savings Account, it is simple to set financial goals and track your progress.
Another factor to consider is mortgage rates . While they are higher now than they were a few years ago, Brunker thinks that "2023 could be the year of the buyer." He adds that potential buyers should "remember purchasing a home is typically a long-term investment, and it’s important to set your financial goals while remaining flexible. Prioritizing your big picture over waiting out the market could pay off for you in the long run."
Do your research and choose the right mortgage lender for yourself, then utilize the knowledge your home-loan expert can provide. Furthermore, work with them to learn how you can structure your loan (including rates and terms) so that it helps you reach your goals.
And be sure to take a moment to enjoy the homebuying process. List out your must-haves and wants in your future home while keeping an open mind. Find a neighborhood and community that you can see yourself becoming a part of for years to come. "A home is likely one of—if not the—largest purchases you will make in your lifetime," Brunker says. "Why not make it a positive experience?"
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