Budget Tips (What You Want To Know Wednesdays)

Buying a home is a major financial decision, and sometimes it can seem impossible. Limited starter house inventory and debt are contributing factors to the dropping rate of homeowners. However, those who put off homeownership are missing tax breaks as they continue to rent. Here are some tips to make the prospect of homeownership more attainable:

Rework your budget – You may think that there is no leeway when it comes to saving money monthly, but if you take a hard look at your expenses you might find places where you can cut down and save money.

Get a side hustle – If you’re willing to put in the time, a side job can be very fruitful. These days there are several options such as ridesharing, and online boutiques ( turn a hobby into income. )

Consider the suburbs – It’s likely that you’ll get more home for your money in the suburbs as opposed to finding housing in the city.

Boost your credit score – The higher your credit score, the better your interest rate will be; however, there are several programs that do not require a high credit score. First, pay all of your bills on time. Delinquent payments hurt your score greatly. Secondly, pay down outstanding balances you’re carrying. Lastly, review your credit report for errors. You want to make sure that your credit report is accurate.

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* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.