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Ideas and advice for renters who would like to become homeowners
Credit Challenged
For reasons that may have been beyond your control, your credit may not be as perfect as you'd like it to be. Whether it was a few late payments during a difficult time or serious delinquencies caused by a medical or other serious situation, not everyone has perfect credit. But many credit-challenged Americans are finding that a less-than-perfect credit report is the biggest barrier to affordable homeownership.
The good news is that it doesn't have to be. If you've saved up for a down payment but were told you don't qualify for a loan, come in to the credit union and sit down with us. We'll talk. Review the options. And, most likely, we'll help you find a solution. Call Woody Burch at 304-346-5242 ext. 208 today.
Start Saving
You would like to buy a home. The problem is, you're paying so much in rent, theres nothing left to save. It doesn't matter. Start saving anyway.
Even if its just a can on the kitchen windowsill where you dump your spare change, start saving. Let your children know what you're doing, and let them contribute if they want to, also.
Open a savings account at the credit union with the explicit purpose of saving for a down payment. So start saving. Surprise yourself with how much you can save, and how quickly your "Lets buy a Home" fund grows.
Automate Your Savings
Finding it hard to put money away every month? Try automating your savings.
By opening a special savings account at the credit union and having 10% (or another set amount) taken out of your paycheck or checking account every month like clockwork, you'll have no choice but to save!
Just as a task will expand to fill whatever time is available, you'll find that you need every penny of your paycheck unless it's not there. Automating your savings does exactly that.
Real Estate as an Investment
Your own home is an investment. But when it comes to planning for your future, did you know that real estate might be the safest place to invest?
Investors from all walks of life who are no longer getting the returns they once were from the stock market and other traditional investments are turning to real estate more than ever before.
Start thinking about buying a home for investment purposes, or consider moving to a new home and renting out the home you currently live in.
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