To prepare for purchasing your first home, follow these tips and advice from experts:

1. Get organized with your finances. While you may know how much money you have in your bank accounts, it’s important to track your monthly expenses and identify where your money is going. This information will help you determine what you can afford and your homebuying timeline. Start by creating a budget and breaking down your finances into categories like housing, groceries, gas, emergency savings, investments, high-interest debts, and long-term savings.

2. Calculate how much you can afford. Before setting homebuying goals, you need to figure out how much you can afford by considering your income, expenses, and home ownership costs. Give your budget room to grow by accounting for any upcoming life events that may affect your income.

3. Set smaller goals to help you stay on track and motivated. Saving for a downpayment can be a daunting task, but setting smaller goals like saving $1,000 in three months or eating out less frequently can help you stay focused on your larger goal of homeownership.

4. Regularly update and reassess your budget. Remember that a budget is fluid, and unexpected expenses may come up that throw it off. If you make an unplanned purchase, add it to your budget and readjust how much you can save that month. Hold yourself accountable to your goals and make adjustments as necessary to stay on track.

5. Get pre-qualified. There are many advantages to getting a pre-qualification letter. You’ll know what budget to stay within, any credit issues you may have, and the potential to SAVE THOUSANDS of dollars in interest over the long term.

If you need help navigating the financial aspects of buying a home, experienced loan originators are available to help you make your homeownership dream a reality.

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