|
Homeownership Preparations |
|
Prepare Yourself for Homeownership Financially - Almost anyone can afford to own a home with proper preparation. Develop a savings plan to build up money for a down payment at purchase, for moving expenses, and for post-purchase emergency expenditures such as needed home repairs.
Remember, the larger your down payment, the lower your home loan payment. Proper planning and saving some money can help you develop a plan with regular monthly deposits in a bank or credit union account.
At the same time, reduce your credit card debt and other debts in order to increase your ability to afford a house. Lowering these debts will increase your credit score and your chances of getting a lower-interest loan.
For information about credit and help with debt repayments, contact your local, non-profit consumer credit counseling service or housing counseling agency.
|
