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In America, as of 2021, the average homeowner spent about 1/3 of their income on housing costs
First Time Homebuyer Tips
Stepping into home ownership is a big move, quite literally.
Make sure you’re ready for homeownership
To ensure you’re ready for homeownership, assess your financial stability by having a steady income, an emergency fund, low debt levels, and a healthy credit score, and confirm you’re prepared for the long-term responsibilities and costs of maintaining a property.
Check your credit early
Proactively check your credit by regularly reviewing your credit reports from the three major credit bureaus—Equifax, Experian, and TransUnion—available for free once a year at AnnualCreditReport.com, and monitoring your credit score through your bank or credit card issuer’s services.
Pay off debt if you can
The most efficient way to pay off debt is to use the avalanche method, where you prioritize paying down debts with the highest interest rates first while maintaining minimum payments on others, reducing the total interest paid over time
Save for a down payment
To save for a house down payment, create a budget to cut unnecessary expenses and set up an automatic savings plan to consistently allocate a portion of your income into a high-yield savings account or investment vehicle designed for short-term goals.
Research
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Mortgage Questions
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