Thinking of buying a home?
Carefully prepare a budget in order to reach your goal of home
ownership. Consider the down payment when calculating a budget but also keep in
mind there are significant closing costs which include insurance, property
taxes, an appraisal and very often mortgage premium insurance. In addition to
the upfront costs, you need to ensure that you can afford the monthly payments.
Be patient as you transition to
life on a budget, because it takes time to make it work.
Creating a budget is essential to
good financial health!
Be realistic with your budget based
on your income & spending habits. Create and follow an action plan, stick
to the budget & overcome your debt!
List your current expenses,
starting with your set bills, and unsecured debt such as mortgage, utilities,
phone, cable, and insurance policies - be as specific as possible. Also include
money for savings, using a separate savings account.
Next count, record and adjust
accordingly to reflect the difference between what you earn and what you spend.
Plan ahead and take time once a week to make necessary changes.
Set your financial goal. Knowing
why you need a budget, will help you stick to it when you feel like spending
your money on something else. Make it a clear goal like â€œbuy a new houseâ€. Set
your timeline and keep track of your expenses. Figure ways to cut down - this
can be simple, depending on how important your goal is and what you are willing
to consider less of.
Get pre-qualified with your
lender and ask your lender to give you an estimate for the typical closing cost
for a home in the price range youâ€™ve been pre-qualified for. You can also use
funds from your individual retirement account to cover the closing costs. This
may speed up the home-buying process.
Do some research; review the
current market prices online at Realtor.com. Once youâ€™ve identified homes that are
of interest in viewing, set your thinking. Make your goal a reality.
For more on the home buying
process, contact me at your convenience.
I look forward to providing specialized
service that is best suited to help you find your dream home.