5 Resolutions for Home Buying in 2022

 

With 2021 in our rearview, many prospective buyers are setting their sights on 2022 home ownership. Making resolutions can help make your home buying dreams become a reality.  Below are a few resolutions I recommend setting for your home ownership goals in 2022:


  1. Start Saving Now

    A recent poll found that nearly half of millennial renters who want to become homeowners have not saved at all toward down payment. While there are many programs that cater to different down payment options, you will need some savings for down payment and closing costs.  This number will vary depending on the price of the home and the property specifics including taxes, insurance, appraisal, title insurance, etc.

  2. Review and Improve Your Credit Report

    Understanding your credit portfolio is essential in applying for a mortgage, as your credit score is an important factor in the mortgage approval process. Review your report with your lender and seek advice on tips to improve your credit score. Like saving for a home, improving your credit score can take a few months, so do this sooner rather than later. 

  3. Reduce Your Monthly Debt

    Your debt-to-income ratio(DTI) is thoroughly analyzed in the mortgage process. The lower the dti ratio the better. Take a look at your monthly payments on your credit report and with the advice from your lender, see if you can pay off certain credit lines, negotiate lower monthly payments, or restructure student loans to help improve your debt to income ratio. You can improve your dti by making more money, so inform your lender if a raise is in the works at your employer. 

  4.  Determine Your Priorities

    2020 & 2021 changed the world and the way we use our homes. Now homes can double as your office space, school classroom, and much more.  Many of last years home buyers also found the importance of outdoor space. Whatever your needs are, determine these ahead of time, so when you start looking for homes you have a detailed idea of what to look for.

  5. Don’t Give Up Easily

    While the housing market can be competitive and at times overwhelming, it is important to keep your goals in mind and continue to move forward regardless how many homes you may have seen or put offers in. If homeownership in 2022 is your goal, seek advise from both your lender and realtor on how to structure and put in a strong offer. While giving up may seem easier at the time, your better bet may be to buy sooner than to pay more later at a higher interest rate as the availability of rental units is also declining and rental costs are rising as well.

Article Written By: Kevin Berju, Branch Manager AFN, www.PhillyMortgageTeam.com

American Financial Network NMLS # 137213

215-681-3587

kberju@afncorp.com


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Kevin Berju starts Philly Mortgage Team with over 25 years in the mortgage industry. Prior to working with residential and commercial mortgages, Kevin graduated with a business degree from Temple University, owned his own business, and worked as an agent for years in both commercial & residential Real Estate. With Kevin’s diverse knowledge of the real estate and mortgage industries, his clients are thoroughly guided throughout their home buying or refinance process. As a result of his knowledge, attention to detail, responsiveness to his clients, and exceptional work ethic, Kevin was awarded the Five Star Mortgage Professional recognition in Philadelphia Magazine for the past successive years as well as reaching the top 1% of all originators country wide since 2012 as designated by Mortgage Executive magazine.

As a mortgage professional for over 2 decades, Kevin is an invaluable resource for both first-time and experienced home buyers. With his accomplishment of the Certified Mortgage Planning Specialist designation, Kevin is placed in an elite group of the top 5% of mortgage professionals in the industry. Looking to Purchase or Refinance in Pennsylvania, New Jersey, or Florida? Kevin Berju is the Lender for You!


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