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Before you jump headfirst into home ownership, take a look at your whole financial picture. No one can do this but you.
Before you jump headfirst into home ownership, take a look at your whole financial picture. No one can do this but you. No one else will care how the purchase of a home will affect your particular situation the same way you will.
Most people have a spending pattern. They earn an income each month and either spend all of it, some of it, or maybe even more than they are earning. The average American saves less than 5% of their take-home income — considerably less than the average industrialized country.
If you intend to buy a home, it is best to be the type of person who consistently saves more than 5% of their income.
Pro Tip: First, you need to save money for a down payment. Unless you are putting down at least 20%, most lenders will require that you have at least 5% of your own money into the purchase.
After you buy your home there will be additional expenses each month. If you have already developed a pattern of setting aside money to go into savings, it will be less difficult to come up with the extra money needed for these additional monthly expenses.
Everyone should have at least three months worth of living expenses put away in an accessible savings account at all times. That is a minimum.
You don't need to know exactly what you want to do in the next 40 years, only some idea of what you want. Things can change — be prepared.
It can be difficult in a rising home price market to accumulate enough money for a 20% down payment. In fact, many loans are now available with 3%, 5%, and 10% down payments. It is important to keep in mind though that these lower down payment mortgages have additional costs added into them.
A mortgage lender will require you to obtain mortgage insurance if your down payment is less than 20%. PMI typically adds several hundred dollars to $1,000 or more annually to the cost of your loan. It protects the lender financially in case you default.
Good news: PMI is not permanent. You can remove PMI once you have 20% equity in your property.
Tip: Equity is the current value of your home minus the balance of your loan. The 20% can come from loan pay-down, appreciation, improvements, or any combination of these.
Be more cautious with your investment. Money market mutual funds and bank savings accounts are safe options. You won't have to worry about losing your principal.
You can look at more risky investments like long-term bonds, stocks, and bank certificates of deposit (CDs).
Let's review your financial situation together and determine the best path to homeownership. With over 25 years of experience, I'll help you understand exactly what you can afford.
Your financial future starts with smart planning. Let's build your path to homeownership together!
"Miguel helped us get our finances in order before we even started looking. He told us exactly how much to save, what to pay off, and got us pre-approved. When we found our dream home, we were ready!"
"We thought we couldn't afford a home. Miguel reviewed our finances, showed us where we could save, and connected us with programs we didn't know existed. Six months later, we were homeowners."
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