New Year’s Resolution: Buy a Home
- I will automate my down payment savings – set aside a small amount of your payment each month into a separate savings account “house fund” automatically. “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 – Mortgage lenders want to see a buyer with a financially tight ship. Pay your bills on time, pay off your credit card. Make timely payments on car and college loans. A man who made $250,000 a year was denied a mortgage because his credit card payments were always late.
- I will budget wisely – Structure your budget so you will be able to save more for your down payment and pay down any debts. Factor in additional expenses such as new furniture and appliances.