One thing I've learned as a real estate salesperson - especially with renters and first time buyers- is this fear of 'credit'. Most of us (myself included), in our first encounter with credit, were irresponsible. From taking out multiple lines of credit unnecessarily - to maxing those cards out and choosing not to pay on time. The avoidance of the damage I had done to my credit, cost me three years of working to get back on track.
So if there is one lesson to teenagers, young adults and future homeowners is that you do not need to be afraid of credit.
One half of having credit is the flexibility it is gives you to own a home, purchase a car and obtaining great interest rates. It's a perk, to show positive and responsible credit usage. The negative -and the other half- is realizing when you don't understand credit and how to manage your money wisely.
I found some really great articles on getting started on understanding and building your credit. If you have a moment to read, check it out!
Experian Building Credit
Do not be afraid to check your credit! It's important to regularly confirm accuracy and your status. And as you come to that time, where you are evaluating whether you are ready to purchase your home - even if it's a year way, get started by stepping away from the fear of credit.
We are happy to assist you with your journey to wealth building and financial security!
Home Buyer Education Course
If you've been thinking about getting your feet wet in real and purchasing a property, you've come to the right place. Home ownership is one of the biggest financial decisions you will make in your life and should not be taken lightly. Real estate has been shown time and time again to be the foundation for families to build generational wealth.
NAREB in line with their mission began 'House then the Car', one of eight initiatives to light the fire in our younger generation who are heavy in the work force. Often those between 26-45 rent first, not realizing that homeownership may be a better option.
If you are interested in taking a homebuying counseling course, to see if you are ready for homeownership, we encourage you to partake from the comfort of your home!
NACA (Neighborhood Assistance Corporation of America) is coming to Mercer County, NJ! Their program is a great option for those who are suffering with low credit scores but can meet NACA's requirements.
This program is:
1. Only for 1st time home-buyers (Can not own a primary or investment property while using this program)
2. Must attend their workshop and utilize their intake program.
3. Once approved, connect with your SBR Realty Agent, to locate the perfect home!
To learn more about NACA's Lending requirements, check out their page!
Contact SBR Realty LLC for further assistance, 609.392.0600 or email @ firstname.lastname@example.org.
SBR Realty LLC has been assisting first time buyers with their real estate needs since 2008. During that time, we have been able to assist 100's of renters become owners.
Every client is different, their needs will change based on where they started from - what does not change, is the need.
It will be overwhelming when you first get started, with the right tools and support team, success is within reach. Purchasing a home is a process, so before you get started, here are a few suggestions.
1. Understand your income and expenses:
Our net income (after taxes), is our starting point, second, is what we spend every month, (rent, groceries, take out, entertainment, clothing, gas, insurance, cell phones, etc..)
2. Make a budget:
Tech savvy? There are plenty of budget tools online, but lets start free. If you have Microsoft office products on your computer or a gmail account, you have access to an excel spreadsheet.
A quick format to create is below:
Start with 2 months, jot down every item that you spent money on in the previous month. Review what you spent, how much money was remaining and began to jot down, items you can afford to 'not spend' money on monthly.
3. Know Your Why and When:
Understand why you want to purchase a home. Just looking at houses and calling around, and going to open houses is not beneficial, if you are not prepared to purchase. What will be the benefits to you becoming a homeowner? Jot that down! Will you be buying in 6 months? Does your lease expire soon?
4. Contact a SBR Realty Real Estate Agent, to help you get the ball rolling.
We'll dive in deeper into what you can expect working with an agent, but for now... put that on your list!
5. The Reality Check:
You will feel overwhelmed. You will feel uninformed. You will not know what to do. This is normal. Your agent, will know how to guide you on this journey. This process takes time, but can go at a very quick pace. Ask questions, keep in mind your why and dont' be afraid to ask questions. Our agents care about helping you reaching your goal of becoming a homeowner.
If you have questions about becoming a homeowner, or how to get started, contact SBR Realty LLC at (609)392-0600 or email@example.com.
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