{"id":10627,"date":"2021-01-18T17:51:57","date_gmt":"2021-01-18T17:51:57","guid":{"rendered":"https:\/\/elizabethjebef.com\/?p=10627"},"modified":"2021-01-18T17:53:17","modified_gmt":"2021-01-18T17:53:17","slug":"how-to-make-the-dream-of-homeownership-a-reality-this-year","status":"publish","type":"post","link":"https:\/\/elizabethjebef.com\/?p=10627","title":{"rendered":"How to Make the Dream of Homeownership a Reality This Year"},"content":{"rendered":"

In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous \u201c<\/span>I Have a Dream<\/a>\u201d speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where we can grow and flourish.<\/span><\/p>\n

\n

If you\u2019re dreaming of buying a home this year, I invite you to contact me so I can help you understand the process and how to position yourself for a successful purchase.<\/p>\n

How Can I Better Understand the Process, and How Much Can I Afford?<\/strong><\/h4>\n

In considering a home purchase,  you need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.<\/p>\n

Keep in mind, before you start the process to purchase a home, you\u2019ll also need to apply for a mortgage<\/a>. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They\u2019ll want to see how well you\u2019ve been able to minimize past debts, so make sure you\u2019ve been paying your student loans, credit cards, and car loans on time. If your financial situation has changed recently, be sure to discuss that with your lender as well.  I am happy to refer you to lenders.<\/p>\n

How Much Do I Need for a Down Payment?<\/strong><\/h4>\n

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you\u2019ll need for a down payment<\/a> is another critical step. Thankfully, there are many different options and resources<\/a> in the market to potentially reduce the amount you may think you need to put down.<\/p>\n

If you\u2019re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org<\/em> says<\/a>:<\/p>\n

\u201cOver time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.\u201d<\/em><\/p><\/blockquote>\n

Before you know it, you\u2019ll have enough for a down payment if you\u2019re disciplined and thoughtful about your process.<\/p>\n

Saving Takes Time: Practice Living on a Budget<\/strong><\/h4>\n

As tempting as it is to pass the extra time you may be spending at home these days with a little retail therapy, putting that extra money toward your down payment will help accelerate your path to homeownership. It\u2019s the little things that count, so start trying to live on a slightly tighter budget if you aren\u2019t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score.<\/p>\n

A survey<\/a> of millennial spending shows, \u201c68% reported that shelter in place orders helped them save for their down payment.\u201d<\/em> Danielle Hale, Chief Economist <\/em>at realtor.com, <\/em>also notes:<\/p>\n

“If there is any silver lining to the current economic landscape, it’s that mortgage rates are hanging around record lows\u2026Additionally, shelter-in-place orders helped many who were fortunate enough to keep their jobs save for a down payment — one of the largest hurdles of buying a home. The combination of low rates and the opportunity to save is enabling many millennials to move up their home buying timeline.”<\/em><\/p><\/blockquote>\n

While you don\u2019t need to cut all of the extras out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.<\/p>\n

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. To determine the steps you should take to start the process, let\u2019s connect.<\/p>\n<\/div>\n

It is my joy and privilege to support Buyers in purchasing their first home or rounding out their investment portfolio with a strategic new asset.<\/p>\n","protected":false},"excerpt":{"rendered":"

18 January 2021 ~ In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous \u201cI Have a Dream\u201d speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[225],"tags":[232,230],"class_list":["post-10627","post","type-post","status-publish","format-standard","hentry","category-home-buyers","tag-housing-market","tag-purchasing-a-home-during-the-pandemic"],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"elizabethjebef","author_link":"https:\/\/elizabethjebef.com\/?author=2"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/posts\/10627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10627"}],"version-history":[{"count":0,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=\/wp\/v2\/posts\/10627\/revisions"}],"wp:attachment":[{"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elizabethjebef.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}