Did you know that single women own more homes than single men? That’s 2.64 million more homes owned by single women despite the gender wage gap. And we love to see it. So if you’re in the market too, here are some things you can do right now to help get your own home sweet home.
1. Do your research. You know this. But it’s easy to get swept up in dreams of a happy ending. Let’s simplify it:
What: Think about the house you want to buy AND what you can sell in the future. Your dream home is also an investment. Find the one that checks the boxes for you but consider one that could use some upgrades to help increase the value of it.
When: Think about when to buy and look at trends because the time to strike is important. It’s no surprise that the state of the economy influences interest rates and housing prices but so does buyer interest.
Where: Consider neighborhoods just outside of the hottest neighborhoods and you could save money while you get ahead of the curve. Get what you want without settling or going broke. Look at cities that offer tax incentives too!
Catch more how-to’s of home buying right here in our playlist.
2. Look at your credit. Your credit history is your financial footprint and it impacts many of our big life expenses and experiences with credit cards, car loans, home loans and mortgage rates. The better your score is, the better off you are. Here are ways to help get your credit on track:
Pay down debt and stay out of it with regular on-time payments or tackling past-due amounts. Payment history accounts for 35% of your credit score and late or missed payments could take years to work off. Don’t worry… you’re not alone.
Get smart about the lines of credit you have. Your credit utilization ratio is the amount of credit you’re using compared to your limit. High balances on your cards could leave a mark so avoid hitting your max and dodge hits to your credit score.
Establish credit or help rebuild it while saving money that could be put towards the home of your dreams. Our Credit Builder+ Membership, gets you access to a loan that helps build your credit with on-time payments while you pay it back. You could even get a portion of those funds today to start saving up for your dream home.
3. Think ahead. And think about more than the cost of the actual house_._ There are other costs like interest, taxes, insurance, and other fees that creep up when you least expect it.
The 28/36 rule of home-buying helps you minimize risk and prepare. Meaning your total monthly housing expenses–like interest, property taxes, insurance, and more–shouldn’t exceed 28% of your gross monthly income. And, your total monthly debt, like car loans, credit cards and more–shouldn’t exceed 36%.
The 50/30/20 budgeting rule is your guide to planning and saving. Experts recommend spending 50% on needs, 30% on wants, and 20% on savings–per each paycheck. Adjust as you wish but keep your eyes on the prize of that future home. Make a budget and a plan to stick to! Saving is just as important as building a stable income.
The reality is that buying a home doesn’t come easy (or cheap), but planning for it in all the ways that you can will give the peace of mind you can’t put a price on. It’s never too late to work towards the future you want. So get your game face on and get after it. Catch more tips in the MoneyLion app now to learn more.
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Disclosures
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by DriveWealth LLC, member SIPC, and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states.
Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
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