Sponsored: 5 ways to prep for a future home purchase

Achieving the American dream of homeownership is still possible, even in today’s market conditions. It may take extra time and preparation, but you can make your homeownership dream a reality. Here are five tips to get you closer to holding the keys to your new home in your hand.

Technology has made it easy to pay our bills and make purchases directly from our phones or by setting up automatic or recurring payments. It can be easy to lose sight of who you paid for what and when. Track your expenses so you know where your money is going. Watch for payments on subscriptions or memberships you no longer want or need and consider canceling them.

Curating a plan for your finances (both income and expenses) is crucial when preparing to buy a home. Beyond saving for a down payment, factor in other expenses like closing costs and moving expenses.

Earn more while saving for your dream home by using a high-yield savings account to optimize the return on your hard-earned money. Whether you choose a money market account, certificate or high-yield savings account, this strategy grows your money faster, accelerating your progress toward homeownership. Make sure you know the terms of the account you choose as some may not let you withdraw money without penalty until the end of a specified time period.

Trimming debt is a pivotal step in the journey to buying a home. It not only helps you secure a more favorable interest rate, but it also alleviates the financial stress associated with taking on a mortgage. Consider options like a balance transfer or strategic debt-payoff plan to effectively tackle your outstanding balances.

When creating your budget and starting to navigate the homebuying process, align with a financial institution that is dedicated to championing your goals. Choose a financial partner that understands your current situation and has the expertise to help you achieve your goals.

Disclosures:
Insured by NCUA
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