3 Tips To Make Your Omaha Real Estate Dream A Reality
If you started looking at homes last winter and laid out your financial goals for 2018, it’s not too late to find the home of your dreams. If your plans included buying your first home, don’t despair! We’re not even into June yet, so there’s still plenty of time to find that Omaha home you love.
Our Top 3 Tips To Make Your Omaha Real Estate Dream A Reality
Tip # 1 : Automate Your Savings.
Saving for that initial down payment on your first home is often the biggest hurdle that wanna-be homebuyers face. While there are some programs offering down payment assistance to first-time homebuyers, another good tip we offer is to automate those savings.
How can you automate?
If you set your bank accounts up to automatically withdraw a certain amount with every paycheck and set it aside, you’ll be less likely to withdraw or spend that money out of your checking account because you won’t see it there. With your money safe in a different (preferably “untouchable” account) labeled “house fund,” you will soon have a nest egg ready to make that initial down payment.
Quick Tip: Saving just 5% of your paycheck won’t make a huge dent in your day-to-day living, but will add up quickly for that down payment!
Tip # 2 : Check Your Credit History
Applying for and getting approved for a mortgage is one of the hardest types of loans to seek. Banks don’t want to enter into a 15, 20, 25, or 30-year relationship with you if you can’t even bother to pay your credit cards on time.
Banks want to see that you are staying on top of your car loan, credit cards, student loans, and other financial obligations.
Quick Tip: The major credit bureaus all recommend using no more than 30% of the credit available to you.
Tip # 3 : Live On A Budget
By downsizing your spending ahead of buying your home, you will not only be able to save more for the down payment, but you’ll also be in the practice of doing so once you’re in your new home.
Three sacrifices that many first-time buyers make in order to buy their new home include new clothes, a new car (unless you want to be living in that car!), and traveling.
If you and your family are getting ready to start house-hunting for a new home or are preparing to sell your home, contact the Fairfield Team and we can help you get started or answer any questions about Omaha real estate!