Is your goal for 2018 to buy a home of your own? Start working on these good habits and watch your homeownership dreams come true!

1. Automate your down payment savings

  • A down payment is often one of the biggest barriers to homeownership
  • Automate your checking account to save a set amount of each paycheck into a separate savings account or “house fund”
  • It is important to find a savings account with the best features and interest rate to increase your savings

2. Build your credit history up

  • Pay down debt with the highest interest rates first!
  • Give value to each “credit” dollar you spend because it can impact your credit score
  • Lender wants to see clean credit history
  • Pay off past debts (car loans, student loans, credit cards)
  • Keep Debt-to-Income ratio in mind!

3. Practice living on a set budget

  • Reduce extra spending on material things that don’t provide true value to your life
  • Find one or two things you spend money on monthly and challenge yourself to cutback the spending and direct it to savings
  • Downsize your spending and make sacrifices means forget the new car, new clothes, and traveling but you get a new house!