Looking Forward to Homeownership?
Posted by Gurpreet Ghatehora on
Everyone has goals in life that they hope to achieve by a certain, and for many, homeownership is a big one. Buying your first home is often only something you can afford to do after a lot of hard work and saving.
The Work
Paying off major debts like student loans and credit cards is a vital part of getting ready to own a home. Banks want to see good credit before they approve a mortgage - but they also need to see that you have money in the bank for a down payment and closing costs. Your down payment can be a gift from your parents but it can't be borrowed. You have to remember that homeownership is a major financial investment, and you don't want to be house poor - this means freeing up as much of your income as possible beforehand, is important.
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