Step One: GETTING STARTED
AM I READY?
1. HOW DO I KNOW IF I'M READY TO BUY A HOME?*
You can find out by asking yourself some questions:
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Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable? |
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Do I have a good record of paying my bills? |
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Do I have few outstanding long-term debts, like car payments? |
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Do I have money saved for a down payment? |
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Do I have the ability to pay a mortgage every month, plus additional costs? |
If you can answer "yes" to these questions then you may be ready to begin your home buying process today. If you answered “no” to these questions then you can still buy a home with some work. Either way Brunswick Housing Opportunities can help educate and support you through the home buying process. Call us today!
2. HOW DO I GET FINANCIALLY FIT?*
Start by thinking about your situation. Get real and be specific. Start listing the things you know need to address; impulse buying, savings, old debts. Write down three of four realistic goals that you can stick to. For example, “I am going to limit my spending at the convenience store or snack machine to $3 a week’. “I will begin saving a minimum amount every paycheck of $25”. Avoid fantasy-land goals, no one changes instantly, it will only frustrate you.
3. GET SUPPORT AND MAKE DAILY NOTES*
Let your family and close friends know you are beginning this journey. They will be supportive and help you with tips and encouragement. It helps to have some person who is going to keep you motivated in the tough times. Start a simple journal. Nothing elaborate but keep track of your spending and savings and watch your habits change! Start by thinking about your situation. Are you ready to buy a home? How much can you afford? Research has shown that when you track what you do it increases your ability to accomplish your goal. The key is to stay accountable to the process. If you do have a misstep, look back at your journal, celebrate your success to this point and get right back to the journey!
4. CLEAN UP YOUR CREDIT*
If you have poor credit, you are a bigger risk in the eyes of lenders. You’ll pay the price in the form of higher interest rates. Higher rates can reduce the amount of home you can afford or keep you out of the housing market altogether. Make a point of paying auto loans, credit card bills, and other payments on time. If your credit is poor then it just means we have some work to do. You can still buy a home. Call us today! 910-253-0699.
5. SAVE*
No mortgage program is truly 100% financing. You will need some of your own money to buy a home. Begin saving now! You will need money for your down payment, closing costs, moving and other expenses. Financial Fitness also means to have some cash to support an unexpected expense. Also, it shows your commitment to keeping yourself on track.
6. WHAT ARE MY NEXT STEPS?
The next step is to complete your Customer Application Form.
Now, its all up to you. So many times we don’t achieve our goal simply because we stand still. Take a step! Homeward Bound is designed to help guide you through the steps to become financially fit. Increasing your financial fitness will prepare you to take advantage of the wealth building opportunities open to you. The first step towards wealth building for working individuals and families is homeownership. We look forward to taking this journey with you. Now, we have taken the first step, Homeward Bound, now it’s your turn. Call us. (910) 253-0699 or email. We stand ready to help you realize your dream of homeownership!
*Courtesy of NCHFA.com
