Even though most people start their New Year’s resolutions on January 1, some people add resolutions as the year progresses. For some, that goal is realizing the dream of homeownership. Beginning the process of buying a home can be daunting, but it is easy enough to begin working on the first step – saving for a down payment. According to the National Association of REALTORS®' 2014 Profile of Home Buyers and Sellers, 65 percent of home buyers utilize their savings account for a downpayment; however, buyers find many other ways to finance a down payment, including selling stocks or bonds, relying on gifts from friends or relatives, retirement funds or using the proceeds from another home sale.
Beginning to build savings should be a priority for potential buyers because it can take some time. According to NAR’s report, it took half of buyers a year or less to save for a down payment, while another 19 percent said it took between one and two years to build their savings account. Additionally, 29 percent said they needed more than two years to save.
The spring market is here even though there is plenty of snow on the ground and below freezing temperatures won't seem to go away!
There are many different lending programs available to buyers. To see what will work best for you, please contact me and I will personally connect you with one of our preferred lenders so that we can find a program that suits you and will help you reach your goal of homeownership.
Author:Carl Vonderhorst Phone: 630-946-9460 Dated: February 20th 2015 Views: 1,157 About Carl: Carl Vonderhorst has been a resident of the Chicagoland area for over 15 years. He has a degree in ...
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"Tom, Thank you so much for your help and guidance throughout this process. We really appreciated all of your advice and help. We couldn't have done it without you. Also, thank you for the basket of goodies! Everything came in handy!