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5 Financial Steps To Take Before Buying A Home!

By: Old Point National Bank / 31 May 2017
5 Financial Steps To Take Before Buying A Home!

Before buying a home, take these steps and you'll be more secure and in a better position financially before becoming a homeowner!

Establish Steady Income – Your position should be solid and reliable. If you have your own business, make sure it is sustainable before taking on a mortgage. If you earn commission, make sure you can calculate an average monthly salary before determining what you can afford.

Build An Emergency Fund – Build a fund for financial emergencies. As a homeowner, your living expenses are likely to increase plus you'll be responsible for maintenance, repairs, and replacements.

Get On Track With Retirement Goals – Ensure your retirement goals are on track before buying a home. If you're behind, work on contributing more to your investments.

Do Your Research – Calculate how much you can realistically afford, both now and in the future. This includes home-related expenses such as your mortgage, utilities, HOA fees, and more. You'll also need to consider things such as closing costs, homeowner's insurance and property taxes. Establish a realistic expectation of your monthly budget after taking all homeowner-related expenses into account.

Save For The Down Payment – The more you put down when buying a home, the less you'll have to repay over the term of the loan. This saves in interest charges and makes your mortgage payments smaller.

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