Along with year-end celebrations come New Year goal setting; right? It is the perfect time to look forward and envision where you see yourself in the next year. Is homeownership on your list of goals? If so, we buy houses in WA and neighboring areas.
Before you stumble upon that goal, take a look at these three simple year-end steps that will jump-start your homeownership journey. This will help you stay on your way to a new home before that New Year’s Eve countdown starts.
1. Review your budget
Find out how much money are you currently spending each month on rent and other housing-oriented expenses, like utilities. Also, calculate the annual amount. Do you anticipate any rent increment in the future?
Additionally, you should take a look at your other expenses too. After all, you ought to have a solid understanding of your monthly income and expenditures to know what you can handle for a mortgage payment. As a result, this exercise will keep you from jumping into a mortgage payment that may stretches you and your family too far.
Also, with homeownership comes home maintenance. Therefore, it’s always important to have a cushion for those renovation projects.
2. Interview lenders
When it comes to mortgages, one size doesn’t fits all. Thereby, work with a lender who can listen to your goals and budget to help you find the best mortgage for you. Talk to at least three lenders before the year ends. Try to learn as much as possible about their low down payment options, fees and the lifetime cost of the mortgage.
3. Hunt down payment programs
Homebuyer programs can help you save on your down payment and closing costs. They give you a key homeownership enhancement in the form of grants, forgivable loans and tax credits. However, they also need approvals and paperwork to get your options on the table as soon as possible. Try to investigate what’s available in the area before you plan to buy.
We are Isatou Properties and we buy Houses Washington. We are going to tell you about the 3 most common types of homeownership programs. If you’re a first-time buyer, the following information will let you pass the biggest hurdle in the homeownership process – down payment.
- What are homeownership programs?
Homeownership programs include loans, grants, tax credits, and other programs for eligible homebuyers, helping them achieve the down payment faster, cover closing costs and get into a home sooner than they would have otherwise.
- Who offers these programs?
Homebuyer or homeownership programs are generally managed and funded by an array of sources, each with its own needs, rules, nuances and limitations. The role of program administrators can vary, but normally, they approve participating lenders who are trained on the program guidelines and approved to originate, process and close specific programs.
You can work with a participating lender to apply and access down payment help or you can directly contact the agency offering the program. Have any questions? Talk to us!