Currently, the US Census Bureau reports the national homeownership rate at 64.2%. The rate has not changed drastically from 2017, when it was 63.6%.
Despite the standstill of homeownership rates, it is still a great time to start making moves towards your future and purchase a home.
Your path towards homeownership requires some prep work, and now is a great time to get started! Here are some quick tips to get started on your home buying journey.
- Know your credit score. Having a healthy credit score is vital to the home buying process. Figure out where your credit score stands and strategize some improvements, if necessary.
- Build your savings. Home buyers will need money available for a down payment and closing costs. This is a great time sit down and get real about your financials. Make a budget, create a timeline and set yourself some saving goals.
- Figure out your price range. Once you have a handle on your financial situation, the next step is to determine out how much money you can realistically spend. Keep this number in mind when you meet with your real estate agent and lender.
- Do some research. Start researching the area you would like to purchase your home. Take note of school districts, commute times, nearby parks or shopping, and any other things you feel are important to you.
- Find a real estate agent. It is incredibly important to have a trusted real estate agent by your side during your home buying journey. Ease some home buying stress by finding someone you can rely on and feel comfortable with.
- Get your documents in order. A lot of paperwork goes into getting a home loan. Come out on top by getting organized and locating necessary papers ahead of time. Have on hand recent paystubs, W-2s from the past 2 years, recent tax returns and bank and asset statements.
- Meet with a lender. It is crucial to meet with a lender to get prequalified for a home loan. Prequalification will allow you to have in writing how much home you qualify for and once you have this you can confidently begin your home search! Get in contact a Summit Funding Loan Officer