The Dream of Home Ownership
A First Time Home Buyer Loan is the perfect way to get started on your dream of home ownership.
Many of us grew up in nice suburban neighborhoods in single-family homes that our parents bought to raise their families in and build their lives together. These were often community based with amenities such as good schools, shopping, activities, parks and entertainment or at least easy access to those things. Riding our bikes or skateboarding to the local park was easy and we loved the opportunities and friends we made. We took that for granted because that is what we had and we didn’t think about what it took for our parents to give us that lifestyle.
We were just happy to have it. Now we are grown up and have our own lives and while our world has evolved, we may have different ideas for our futures, but the idea of owning our own home someday is still appealing to many. It’s like a badge of honor and coming of age. Why wouldn’t we want our own space with a backyard for entertaining to maybe raise kids and pets or just for ourselves? Times have changed and so have the processes for attaining that dream. It takes more planning than we originally thought. Here are some guidelines to help you understand how to achieve your dream with a first-time home buyer loan.
How to prepare for the loan for your first home?
As soon as you enter the workplace put a savings plan into effect. This should be a percentage of your gross salary (before taxes). Talk to a financial advisor for help and this should also include separate retirement planning. Let’s imagine that you want to buy a home in 5 years. You would need to save $290.82 per month for five years to save $20,000. It is never too early to start. You can find calculators on line for just about any amount. Every time you get a raise, add another percentage point or more. Having it automatically deducted is the smart way to go. You will not miss what you do not have in your hands. This is not money that you can dip into for a new outfit or the latest digital product, this money is growing to achieve a purpose for the future. This is especially true for retirement. Don’t touch these funds. You can set up a separate discretionary savings account for yourself.