Top Finance Tips to Make Your Dream Home a Reality

Over the last four years, The National Association of REALTORS® Home Buyer and Seller Generational Trends Report has found that Millennials—those aged 36 or younger— make up the largest share of buyers in the market at 34%. Of these buyers, sixty-six percent were first-time buyers and ninety-eight percent financed their purchase. With these numbers in mind, we present 5 essential tips for getting your home-buying finances in order:   Start Saving for a Down Payment – Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent down payment. Funds in the Piggy Bank  – Decide on a certain amount a month you want to save, then put it away as you pay your monthly bills. These funds will slowly grow to an adequate amount to help with your down payment or future home expenses. Smart Budgeting – Put a budget-tracking app on your smartphone, and you'll find it much easier to set a budget, log your purchases and effectively track your spending. You’ll probably identify some great ways to save (especially on daily Starbucks runs!) Check out this article which gives a great list of the app options. Debt – Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income. Visit MSCMortgage.com – The online application will give you a good idea of whether you can finance your purchase, and our experienced professionals will be on hand to find you the best possible loan. When you feel ready to purchase your dream home, it makes sense to choose a company with full service divisions dedicated to your success at every step. Working with an agent from Michael Saunders & Company means that each link in the real estate chain—from finding the perfect property to financing it free from all title defects—is as sturdy and seamless as it can be.  In addition to having more than 650 of the market’s most talented and experienced agents, the combined teams from MSC Mortgage and MSC Title have proven through their own top performances that they are a buyer’s best friend. We welcome you to contact us for more information.