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, building equity in your home is like a ready-made savings plan.- Home prices have increased 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 home
With home prices rising, consider buying now and refinancing later. Discussing options with a financial professional is always a good idea.
