3 New Year’s Resolutions to Help You Buy A Home in 2021
Buying your first home is an excellent goal — and it may be more possible than you think! Here are 3 New Year’s resolutions to help you get closer to this milestone:
- Save for Your Down Payment
Save money and prepare a savings fund for your home purchase. There are different types of mortgage programs available for new or low-income buyers that may require a lower down payment.
Follow these practical ways to save more money for your new home:
- Automate your savings.
- Save any extra or unexpected income.
- Cancel recurring subscriptions & memberships you don’t use.
- Always ask about discounts.
- Reduce energy costs & phone bill.
- Pack lunch regularly.
- Get Your Finances in Order for the Mortgage Process
Check your credit score, and work to improve it if necessary:
- Look at your credit report before your bank does.
- Correct any errors as quickly as possible.
- Pay down credit card balances.
- Keep your credit utilization rate low.
Prepare any financial documents you may need when applying for a mortgage:
- W2 statements (or 1099 income statements) for the last two years
- Federal tax returns for the last two years
- Bank statements for the last few months
- Proof of investment income
- Call J&J!
Follow these tips and you will be well on your way to be a homeowner in 2021!