Debunking the myths of buying a home

I KONNECT The American Dream Homeownership

Sometimes the conversation you have with yourself is your worst enemy and you start to wonder if it's a waste of time. Get out of your head. Discipline and accountability is a valuable tool. Set realistic goals Set a date to achieve your goal. Steps to tackle debt: Look at your existing budget and make the necessary adjustments. Start a savings account. limit unnecessary purchases. Research debt management consolidation. Pay off debt by contacting debtors and negotiate debt payoff amount. Employment earning, consider a second part job. Take action to improve your situation: Get more hours at work, ask for a raise or find a side hustle. Knowledge is power: Order your credit report and score from Equifax, Trans union and Experian.(Know this information) Defer payment or lower payment amount of student loans and other debt. Do the research for different loan options: Retain a Realtor to help you navigate this process stress free. Benefits: Wealth building while leaving an inheritance for future generations, Homeownership interest rates are at historic lows. Buying a home is significantly more beneficial than continuing to rent. Listen, listen up, home buyers don’t wait any longer.!!! Do the research: It's your future so do the work. Set yourself up for success. 1st time homebuyers option: Grant programs for first-time homebuyers are available in Florida cities. This program provides down payment assistance and/or closing cost assistance in a variety of forms, including grants, zero-interest loans, and deferred payment loans. Individuals who have not held ownership in a principal residence in the three-year period are considered a 1st time home buyer. USDA Rural Loan mortgage option for rural and suburban homebuyers. Issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA).Lenient eligibility requirements and competitive interest rates because the loans are guaranteed by the USDA. FHA- A popular government-backed home loan in the country. guaranteed by the Federal Housing Administration. VA Loan offer Veterans, Service Members and select military spouses guaranteed by the U.S. Department of Veterans Affairs. No down payment, No Private Mortgage Insurance, competitive interest rates, relaxed, credit requirements, closing Cost Limits, lifetime benefit, no prepayment penalties. Equity is your friend the more home equity means the more money you can borrow from for a second mortgage in the form of a home equity loan. Property taxes are deductible on your tax return. Appreciation of value means your home increases in value over time Equity is the difference between what you owe on your mortgage and what your home is currently worth. Tip: How to build home equity by making additional principal payments whenever possible. Equity can increase in two ways as you pay down your mortgage, the amount of equity in your home will increase and if the value of your home jumps. Use the equity when you sell your current home and move up to a larger home. (Look at this as a starter home). Here’s a breakdown: Principal is borrowed money borrowed. It's factored into your monthly payment and paid off throughout the life of your loan. Interest is the percentage of the principal paid over the life as a fee for lending the money. *Pros: Homeownership mortgage is a fixed rate vs. renting the possibility of ever increasing amount owed. You give permission to become a homeowner. The only difference between where you are and where you want to be is the steps you haven’t taken yet. I leave you with this takeaway: Your dream home is out there!!: Let's start preparing for a place to call home. Please subscribe and comment to I KONNECT The American Dream Homeownership. --- Send in a voice message: https://podcasters.spotify.com/pod/show/giovonnia-williams/message