The Path To Owning Your Dream Home

Owning Your Dream Home

Everyone has an idea of what owning their dream home would look like and feel like but very few people can afford to make that home their first purchase. By lowering your expectations and starting out modestly you can eventually end up owning your dream home without incurring unnecessary financial hardships.

Let’s be honest, feeding a monthly mortgage monster takes most of the joy out of home ownership. Make your first home purchase one that includes all of the features you “must have” and some of the things you believe you “need“, but save most of your “wants” for your dream home.

 Start Saving

Once you have committed to owning a home re-budget so that you can put as much money as possible into savings. Cut back wherever possible. Take the “disposable income” you spend on entertainment and other unnecessary things, and  put it into a down payment savings account. I know, sometimes a little entertainment seems necessary but think about how great owning your dream home is going to be and catch that movie when it hits Red Box.

The path to your dream home takes determination and commitment. The reality is, the vast majority of lenders will require you to put up a percentage of the properties purchase price, typically a minimum of  3-5% as a down payment depending on the type of loan.

Clean Credit

Your credit rating will play a major role in how much a lender is willing to loan. It is absolutely mandatory that you pay your bills on time, or ahead of time if possible. Pay off any small debts you can but do not close accounts, this includes credit cards. According to many credit experts, closing an account can have a negative effect on your credit score.

If your credit is in need of repair there are credit counseling and credit repair professionals available in most communities however there are also free services available. One that I recommend is restoremyowncredit.com this web site guides you, step by step, through the credit repair process and no I don’t work for the company nor do I receive any compensation from them.

Down Payment Help

If you will need assistance, (in addition to your savings), in order to make your down payment many lenders will allow a monetary gift from parents or relatives to make up the difference. As an alternative they may allow a willing parent or relative to either co-sign or share in the ownership of the home.

Work With A  Professional

A professional real estate agent can help you uncover real bargains and find that perfect first home that will lead to owning your dream home. A professional real estate agent:

  • Possesses a firsthand knowledge of the most desirable neighborhoods.
  • Knows where you can get the most home for your money.
  • Knows which areas have historically proved to provide the greatest increase in valuation.
  • And they know which neighborhood will support and enchance your lifestyle.

Although your first home probably won’t be your dream home, it is the first important step on the equity building journey that leads to owning your dream home.

Getting Started

Whether you’re looking for that first home or your dream home in the Scottsdale / Phoenix area  drop me an email Nancy@NancyLaswick.com or give me a call on my cell 602-793-1627. Helping you on the journey to owning your Dream Home is my passion.