Be a young homeowner | SummitDaily.com
YOUR AD HERE »

Be a young homeowner

Daily Staff Writer
Marketa Jonas-Hagy
ALL |

Grab Bag.By MARKETA JONAS-HAGY

Purchasing your own home is a huge milestone. Most people strive to achieve that goal sooner rather than later in their adult life. For many, writing out that monthly rent check soon becomes a tedious reminder that their money is going to someone else’s bank account – instead of building equity in their own property. On the other hand saving for a down payment, and learning about the ins and outs of real estate, can seem overwhelming.Here are four steps that can put you on the path to being a young homeowner:1. Almost all buyers use a mortgage to fund the purchase of their first home. You can make yourself a more appealing loan applicant by establishing good credit. Pay utility bills, credit card bills, car payments and rent on time. If you do not have a credit card, get one. A good score on a credit report will indicate you are a lower risk applicant, and will help increase your chances of being approved for the loan.

2. If you have large amounts of outstanding debt, such as student loans or credit card bills, consider asking a financial professional to help you consolidate the balances. Paying down debt also helps make you a more appealing applicant.3. Open an account, and start saving for a down payment. The more money you put down when you close on a home, the less your monthly mortgage payment will be. If you start saving early, your investments will have more time to grow through accrued interest and increased deposits over time. Every little bit counts, and these savings can also be used for other home expenses, such as closing costs and taxes.

4. Start learning about real estate. Read books and research real estate websites. It is also a good idea to set up an initial consultation with a real estate professional in the area you hope to buy. He or she can give you an overview of the process, advise you on how to proceed and familiarize you with real estate in the area.MARKETA JONAS-HAGY is a real estate broker with Century 21 Gold in Frisco. She has been helping people with their real estate buying and selling needs for 14 years. You can reach Marketa at (970) 668-2121 x 215, (800) 548-0021 x 215 or by e-mail at marketa@colorado.net.


Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.

Your donation will be used exclusively to support quality, local journalism.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User