3 Year-End Steps For Every Renter
Along with year-end parties, comes New Year goal setting, right? It’s time to look forward and envision where you see yourself this time next year. Is owning a home on your list of goals?
Before you stumble upon that dream home while out looking at holiday lights, take these three simple year-end steps that will jump start your journey to homeownership. You’ll be well on your way to a new home before that New Year’s Eve countdown begins.
1. Simple budget review
How much are you currently spending each month on rent and other housing related expenses, like utilities? What is that amount annually? Do you anticipate any rent increases?
Take a look at your other expenses too. You want to have a solid understanding of your monthly income and expenses so you know what you can handle for a mortgage payment. This exercise will keep you from jumping into a mortgage payment that stretches you and your family too far.
And, with homeownership comes home maintenance so it’s important to have a cushion for those necessary (and sometimes fun!) projects.
2. Interview lenders
Mortgages are never one size fits all. You want to work with a lender who can listen to your goals and budget to find the best fit for you. keep reading