Owning a home is a major accomplishment that can take careful planning. The first step in realizing this dream is to have a strong financial understanding of what it takes to be a homeowner. With some changes, you can be well on your way to saving for your dream home. 

Here are a few tips from Wallick & Volk Mortgage Bankers:

1. Write Down your Expenses and Debt. Track your monthly debt and expenses and notate remaining balances. This tracker will help you visualize your spending habits and help cut down on spending. Use your financial statements to further review this information. We recommend reviewing your finances from the last 6 months–1 year for accuracy. 
2. Make a Budget. Once you know how much you spend each month, you can begin cutting back on some items to reduce your overall spending. Give yourself a spending budget and prioritize your debt.
3. Start Saving.  After you have gotten comfortable with spending less, start putting some money aside into a savings account. If possible, save 5-10% of your income and watch it grow. Pro Tip: Always have a financial milestone in mind. Giving yourself a goal will boost your efforts. 
4. Speak to a Mortgage Advisor. A mortgage Advisor from Wallick & Volk Mortgage Bankers will be able to tell you exactly how much home you can afford. A pre-qualification is a preliminary review of your credit score, income and expenses to determine the amount for which you are likely to qualify. Mortgage Advisors are well versed in local programs and incentives that are beneficial for homebuyers. Some of these programs cover down payment costs, have low interest rates, and help homebuyers with low income and credit scores qualify.

Sometimes all you need is to rearrange your finances to reach your financial goals. We can help! You can find a Mortgage Advisor at www.wvmb.com.