At a really young age I knew I did not want to live in a rented home, my mother and my father rented their homes. My father lived in a converted chicken shack at one point. It was not really was too bad just really slanted floors. My mother rented her homes until I was 20 then purchased a condo. I am not sure they really cared much but I knew it was not the way to go. This is not to shame them on the basis of wealth but really it is security. They never really knew if they were going to be asked to move or if the rent was going to increased, most of their homes the landlords would not do any repairs. It just seemed so out of control and insecure.
This morning I realized the importance of a place you can feel safe and secure in. Now with the Shelter in Place and Covid-19, I realize my home is my ultimate pandemic restoration. This is not about a picket fence, and joining the ranks of homeowners to live the american dream. Owning a home now is what it was always to me my safe place, the place I could paint the walls black, which I have not done, where I feel secure. And yes the bank can foreclose and the payments can be tough but the reward is much sweeter then living in a rented home. There is more certainty which I know we can all use more of.
The first step you should take when you're ready to consider buying a home is to check your credit score and/or start building your credit. Lenders want to see that you’ve been able to pay back borrowed money on time, and without missing payments or defaulting on the loan. If you have a poor credit score, you'll need to spend the next several months, or even years in some cases, improving it by paying off any debt you currently have and making sure to make all payments on time in the future. This is a great time to find a mortgage loan officer that you trust. They will periodically check in on your progress and make any suggestions to further improve your credit score. Another way to keep your dream of home-ownership alive is to start saving NOW, at whatever stage you’re at. Putting aside even a few dollars here and there will be a step toward that dream. When you're ready to purchase your first home, you'll need to make a down payment and you’ll be responsible for all the services and expenses required to finalize a mortgage at the time of closing. These typically cost between 2% to 5% of the total loan amount. So, get in the habit of putting some money aside from every paycheck to help fuel your dream of owning a home. When the time comes for you to start looking at houses, tell your realtor your budget upfront. Contact me for a preferred mortgage lender to get pre-approved for this amount. Remember to take into consideration your down payment and closing costs. This will make sure your realtor only shows you homes that you can afford, to avoid the stress of trying to figure out how to make payments on a home you love but can't afford. In the end, remember not to get discouraged. Even if you're not able to become a homeowner right now, that doesn't mean that you won't in the future. Now is the the time to start! contact me for a list of local preferred lenders.