![]() ![]() As you prepare to buy a home, focus on adding more income and reducing your current debt. It is possible to purchase a home while in debt, however, pay close attention to your debt to income ratio. Pay down your debt, and do not add to it.The more you save, the more options you’ll have. Keep your options open and continue to save throughout your process. Most first-time home buyers are putting down less than 20%, and some are even putting down 3% or less (depending on their loan). Do not let the down payment discourage your journey. As you plan and learn more about the mortgage process, make sure that you start saving early. Before getting pre-qualified, have all your documents in order. “It is best to prepare for the mortgage process before getting pre-qualified,” says Corona. ![]() ![]() Gather all the mortgage materials you need and continue to save.Take your time, trust the process, and learn all that you can. Work with an experienced realtor who has been in the business for a while. The home-buying process can, at times, be an intricate experience, so do not go about the home buying journey alone. “Understanding the differences between a fixed and adjustable (ARM) mortgage rates are extremely useful,” says Anthony Corona, Vice President Mortgage Loan Officer at Bank of America. When going through the home buying process, it is imperative that you learn everything you can. Here are 3 key areas that Bank of America mortgage experts shared during the Retreat: There are tons of important factors that everyone should take into consideration during this process. Purchasing a home could possibly be the most significant financial decision of your life. By diversifying your investments, you can increase your odds of investment success. This will allow you to minimize the risk of loss to your overall portfolio. Focus on your goals, your dreams, and your financial plan.Īs you continue to build your financial plan, spread your risk across different types of investments. There are many social media gurus, but you cannot dedicate your time and energy to what they are doing. It is imperative to know where all your money is, so dedicate time to learning about your current investments as well as future additions to your portfolio. Consider the following key takeaways as you embark on your new financial journey: With group sessions and expert advice, Bank of America provided attendees with a wide range of personal finance guidance on topics like home ownership, investing, saving, debt management, and more. In partnership with BuzzFeed, Bank of America hosted a dynamic Better Money Habits Financial Wellness Retreat that helped equip a group of young adults with the resources, knowledge, and confidence needed to not just survive financially but also to thrive. Bank of America recognizes this issue, and through their Better Money Habits financial education platform, they are fully committed to helping people lead better financial lives. Too many adults are left feeling insecure when it comes to their finances, and too many adults lack the financial expertise needed to grow. Through life experience, we learn how to earn and manage money, however, most of our knowledge comes from past mistakes. Bank of America: Better Money Habits Retreat Attendees Greg Noire / people have dreams of being financially independent, however, none of us were born knowing how to make that financial dream become a reality. ![]()
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