Renter? Thinking About Homeownership, 3 Steps to Get You Started!

If you are a renter and have been dreaming about owning a home in 2019, there are steps you can take now to put you on solid footing so you can begin the journey to home ownership.

Here are 3 simple steps to put you on the path to buying your first home.

1. Simple Budget Review - Write out all of your fixed expenses: rent, utilities, insurance, etc. Figure out what that expense is annually. Look at other expenses too: food, clothing, date nite, etc. You want a clear understanding of your monthly expenses so you know you can handle a mortgage. Remember with owning a home there is maintenance projects of the property so add a cushion in to your figures.
2. Interview Lenders - There are a multitude of mortgage programs out there. Talk to lenders to find the one in sync with your goals and budget. Learn about low down payments, first time home buyer programs, fees and overall cost of a mortgage. Once you decide to move forward, you will use this lender for a pre-approval letter that you will need to go looking at homes.
3. Down Payment Programs - There are down payment programs that you should look into with your lender of choice. these can give you a major homeownership boost in the form of grants, forgivable loans and tax credits. But, they require approvals and paperwork that take time so apply before going to look at houses. This way when you are ready to pull the trigger on a particular house, everything is ready to go!