3 Ways to Make Buying a Home Less Scary | First Volunteer Bank

While ghosts and goblins are making an appearance this time of year, the team at First Volunteer Bank wants you to not be afraid of the scary stories you hear when it comes to buying a home. There are plenty of things that you can do to make this process a smooth one.

How to Take on the Home-buying Process

Remember what Theodore Roosevelt said, “Nothing worth having comes easy.” You can take steps to be as prepared as possible, though, to make the home-buying process easier.

First, start saving for your home today. Even if your house-hunting isn’t starting for a few months (or even years), you can never have too much money in the bank for a down payment on a new home. In fact, many professionals recommend putting down at least 20 percent, if possible.

Second, go ahead and budget as if you are already a homeowner. Purchasing a home is much different than renting. When you rent, you most likely have a landlord who you call to take care of pipes bursting and the air conditioning going out, since these fixes are included in your rent.

However, when you are a homeowner, it’s all on you. Now, don’t let that scare you. But it is something you need to be prepared for financially. Therefore, start building up your emergency fund for when you are a homeowner. Then, when something does break, such as a dishwasher or other appliance, your finances will be able to handle it.

Finally, start taking care of any debts you have, such as credit card, student loans, etc. This will help improve your credit profile, which is important for mortgage approval, and it will also help free up cash for your mortgage payment. Plus, you don’t want your home to be one more debt you add to your already stacked tower of debt. You want to enjoy your home, not see it as a burden.

Whether you’re looking to buy a home or interested in a home equity line of credit, First Volunteer Bank can help you with purchasing or refinancing needs when it comes to your home. Give us a call today!