Owning a home is the American Dream!
I was searching online the other day and came across a great little article written by the Department of Housing and Urban Development (HUD). It states that they want all Americans to manage their money and have the option of preparing for homeownership.
So do I.
They list five “Key” steps to take to when preparing to purchase a home. You can remember them because the acronym is “OWNER”. Here are the five steps with a brief description of each.
O – Organize. Set money goals and have a plan to reach them. Decide what is important to spend your money on now and save the rest for a rainy day – or a downpayment on a home.
W – Watch spending and savings. Putting a little money away each month can be hard work and a difficult choice, but the rewards are great. Learn about the power of compound interest.
N- Negotiate. Many consumers, including homeowners, feel trapped by debt, but there are other options. Contact your creditors and ask if they would be willing to work with you to develop new payment plans. This shows you are serious and smart about money.
E – Elevate your credit score. The importance of good credit is a fact of life. Your ability to borrow money for a mortgage or an automobile, as well as the interest rates you pay on credit cards and the amount you pay for insurance is based on your credit score. If you need assistance with your credit issues, visit USCCRAonline, our credit repair website.
R – Read the fine print. Consumers have more ways than ever to buy a home. Know your rights. Homebuyers should understand the mortgage contract and be on the look-out for scam artists and predatory lenders. For a mortgage planner you can trust, visit the Northwest Indiana Loan Guy site.
To get a copy of the entire article, click here to go to the HUD website.
If you need a plan to help get on track to buying a home, or you are ready now and need an established lender you can trust, you can email scott@nwiloanguy.com or visit our website at www.nwiloanguy.com.
Scott
PS. Visit our websites to get information on Indiana FHA loans, Indiana 203(k) Streamline loans, and Indiana USDA Rural Development loans.
PPS. Is your credit an issue? Not for us. Find out how our association with multiple benefits including attorney facilitated credit restoration can help improve your credit scores as much as 127 points in about 6 months.
