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Saving for Your First Home: New Year’s Resolution Tips to Help You Buy a Home in 2019

Saving for Your First Home: New Year’s Resolution Tips to Help You Buy a Home in 2019

Buying your first home is one of life’s biggest events. But first you have to save up the money for a down payment, insurance, any maintenance and repairs that need immediate attention, and other considerations. If one of your 2019 resolutions is to purchase your first home, here are a few things to help you get started.

Tips to Help You Buy a Home In 2019

  • Figure out a round number of how much you’ll need for a down payment and figure out your home buying timeline to determine when you’ll need it. You need to have a savings goal set and a timeframe for when you want to buy your home. This information is the bedrock of your plan. For instance, if you know your budget and that want to buy in June, you can calculate how much you need to save each month. Start by consulting with a mortgage lender to find out how much of a loan you qualify for.
  • Create a budget. It’s vitally important that you have a practical budget so that you know how much you can reasonably put away towards buying a home and that you stick to it. There are a lot of online budget calculators available that can greatly simplify creating a budget and following it by setting specific goals for each day, week and month.
  • Review your credit. If you have less than perfect or even poor credit, you’ll want to start repairing it right away. If your home buying target date is further away you can do a lot to bring your credit score up, which will get you better terms on a home loan.

Buying your first home is a big step. If you have any questions about the process, contact Midland Mortgage anytime and talk to one of our home mortgage experts.

Posted Jan 24, 2019 by Midland Mortgage Corporation