The road to homeownership may seem overwhelming, but when you take it step by step, you’ll soon reach your destination – your dream home!
- Your First Home
Set up a designated down payment savings account. - Pay down credit card and other debt.
- Look into first-time homebuyer programs.
Need More Space
- Make bigger (or additional) mortgage payments.
- Refinance and shorten your mortgage loan term.
- Reduce expenses to save money.
Time to Downsize (or Invest in Property)
- Talk to your financial professional about tapping into your home’s equity.
- Think about the type of home and community you want to live in.
- Start organizing now.
Essentials
- Good credit and low consumer debt.
- A professional agent in your corner.
- A positive attitude — don’t give up!
The Road Ahead
Homeownership provides stability, security, and the freedom to make the space your own. It also offers financial advantages — not only will you get tax benefits, but building equity in your home is like a ready-made savings plan.
- Home prices have increased by 971% since 1967
- Average homeowner equity is $299K
- Over 46% of mortgaged residences have equity of at least 50%
- Homeowners have 40x the net worth
- 39% of homeowners own their homes
With home prices rising, consider buying now and refinancing later. Discussing options with a financial professional is always a good idea.