Simple strategies for becoming a homeowner – affordably!

Has more time at home got you thinking about moving to a new space? Today’s low interest rates, coupled with a greater need for space to roam and privacy, may be motivating you to buy a home. Perhaps you’ve seriously considered becoming a homeowner now more than ever, and you’ve probably made a mental list of the features you want in a home. Additional space – inside and outdoors – and a greener location may be features that suit your evolving lifestyle.

The latest Homebuyer Insights from Bank of America found that the majority of buyers (89%) are motivated to purchase their first home, and most (85%) say saving for a home is a priority. In fact, homebuying demand continues to rise and even defies expectations with some expecting to buy their homes sooner than planned (14%) and many sticking to their original timing (42%).

Some homebuyers may feel closer to reaching homeownership, while others are still collecting info on smart ways to prepare. But even the most informed and prepared homebuyers can feel overwhelmed. So, how do you determine if you’re ready to buy a home or need more time to prepare? And which resources can help you overcome the challenges of affording a home?

Whether you’re actively home shopping and ready to apply for a mortgage today or simply browsing homes virtually to keep your homebuying spirit alive, buying a home with confidence requires a combination of approaches.

If you are ready to buy a home in the near term but need help saving for a down payment and closing costs, consider a low down payment loan, often requiring as little as 3% down and no mortgage insurance. Closing cost grants like our America’s Home Grant® are also available. America’s Home Grant® is a lender credit that provides up to $7,500 for used for non-recurring closing costs, or to permanently buy down the interest rate.

 

If you are not yet ready to buy a home but want to take some simple, immediate action steps, start learning about buying a home through the Bank of America First-Time Homebuyer Online Edu-Series™. Visit www.bankofamerica.com/homebuyer to watch these easy-to-understand videos (also available in Spanish) showing useful resources and tools that make the homebuying process smoother — from preparing your finances and getting pre-qualified, to applying for a mortgage.

Becoming a homeowner often brings a mix of excitement and nervous energy in anticipation of this significant milestone. With these relevant resources and the expertise from Bank of America lending specialists, you’ll feel empowered and confident in knowing you’re making the right decisions based on your situation.

Kathy Cummings, Homeownership Solutions and Strategic Relationships

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