New Years Resolutions for Buyers in 2017

There are plenty of preparations would-be home buyers can make to put homeownership more within their reach in 2017. Here are a few New Year’s resolutions to adopt to get on the right path:

I will keep a positive attitude about my home search.

The North Texas suburbs have been voted one of the best places to live in America each of the last 5 years by Money Magazine. The diversity of DFW’s population and industry has created a stable economic climate and it only looks to get better with the addition of dozens of major new corporations including Toyota Motor Company, State Farm Insurance and Liberty Mutual Insurance. This means that once you finally do find a home your investment only looks to grow in value over the next several years.

I will automate my down payment savings.

Buyers who are trying to save up the often-recommended 20 percent down payment to avoid paying PMI  will need to get savvy at saving ASAP . First off, you often don’t really need 20 percent down to buy a home but you do need to save. Here’s a way to commit: Automate your bank accounts so that you regularly set aside a small amount of your paycheck into a separate savings account dedicated as your “house fund.” “Amassing enough for a down payment takes discipline and perseverance, but setting up automatic savings can make it easier.

I will clean up my credit.

Pay your bills on time. Keep up on credit card, car, and college loans. Mortgage lenders want to see that you aren’t sloppy with credit. You don’t need to avoid credit altogether, however. It’s also important to establish a credit history. Just a few points higher on the credit score can save a lot of money on the mortgage payment.

I will budget wisely.

Downsize your budget now so you’ll be able to save more for your down payment and pay down any debts. Also, factor in added expenses that come with buying a new home, like furniture and accessories. If you know that a mortgage is going to take a bigger amount of your paycheck, create a budget that factors that in so you can get used to living on less. Also look at lowering some of your flexible monthly bills such as cable/internet, cell phone, etc. Many of these companies offer promotions which can significantly reduce your monthly obligation but you’ll never know if you don’t ask often. Make sure to put the savings in your “house fund” because extra cash is easy to spend.

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