April is Financial Literacy Month, making it a great time to take a look at your finances and plan out your path to home ownership. Buying a home is a huge undertaking and will likely be the biggest purchase you ever make, but that doesn’t mean there isn’t a way forward. With some helpful tips and guidance, you can be on your way to becoming a homeowner sooner rather than later!
Get Your Credit in Order
Your credit score determines the interest rate you will pay on a mortgage, so you want to make sure it’s in tip top shape. One of the requirements to qualify for our NC Home Advantage Mortgage™ is to have a credit score of 640 or higher. Fortunately, NerdWallet has some great tips to improve your credit score by paying your credit card balances strategically, paying your bills on time, and dealing with collections accounts.
Save, Save, Save!
We’ve all had days where we feel like no matter how hard we try we can’t seem to save any money, so saving for a down payment can seem exponentially difficult. However, there are tons of tools online to help you learn how to budget better and save while still enjoying the life you work hard for. Rocket Mortgage offers great insight into how to reduce or cut out a bad habit like impulse buying, how to ask for a raise and cutting down your debt so you can start saving for a home of your own.
Take a Personal Finance Course
Did you know there are free online personal finance classes that you can take? These classes not only help you better understand money management, but can also offer strategies for eliminating credit card debt and how to utilize Roth IRAs, 401(k)s, stocks and bonds. US News has created a list of their favorite free personal finance courses to help you get a better understanding of your finances now.
Talk to a Lender
No one knows how to purchase a home better than a mortgage lender. We offer our home buyer programs and mortgage products through participating lenders statewide, so you can use our Find a Lender tool to locate a lender near you that can help you determine exactly what you need to make home ownership a reality.
Don’t let Financial Literacy Month pass you by without making the changes you need to purchase the home of your dreams. We’re here to help with home buying programs for first-time and move-up buyers, military veterans and buyers with low- and moderate-incomes. Learn more about our programs today!
