Why I'm Never Going To Afford A Home Love this guy, Graham Stephan ...
Here's what he recommends from his YouTube channel:
First, LOOK AT WHAT YOU CAN AFFORD.
One of the BIGGEST “cheat codes” to real estate is to speak with a mortgage broker, a bank, or a local credit union to see approximately what type of loan you can qualify for.
Second, SAVE FOR A DOWN PAYMENT.
The nice thing when it comes to mortgages is that there are a WIDE VARIETY of mortgage options for you to chose from with varying down payments, ranging anywhere from 20% on a conventional loan, to as low as 3.5% if you’re able to qualify for an FHA loan.
Third, INCREASE YOUR CREDIT SCORE
The lower your credit score is, the higher the risk you are to banks - and because of that, you’ll pay a higher interest rate, costing you more money.
Fourth, BE RELENTLESS ABOUT SAVING
FIRST comes REDUCE SPENDING AS MUCH AS POSSIBLE.
Take a look over your budget, track every PENNY in your account over the next few months, and cut out ANYTHING you don’t absolutely need. I know this sounds common sense, but it was found that the average American spends $18,000 PER YEAR on nonessential spending…and ALL OF THAT is money that could be put towards a down payment, instead.
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