Home Advice

Get the money management know-how to buy a house you can afford (and love)!


How Do I Buy a House?

Buying a house is one of the biggest purchases of your life. Before signing on the dotted line, make sure you know the ins-and-outs of buying a new home and the impact that it will have on your financial health. Knowing this can help you confidently make a purchase!

Get the dream house without the nightmare debt. Consider these tips:

Home Advice - Don’t overspend

Don’t overspend

Monthly mortgage payments shouldn’t be more than 35% of your pre-tax income. If you can afford it, aim for a down payment of 20% of the home’s listing price to avoid paying for private mortgage insurance.

Pro tip: Start saving early for your new home and be sure to build in a cushion for moving expenses. Talk with a financial professional to help you develop a personal moving budget.

Home Advice - Don’t risk your back-up funds

Don’t risk your emergency savings

When you get into your new house, it can be easy to spend your emergency funds on the fun stuff (furniture, decorations, etc.). However, raiding your savings account leaves you vulnerable when real emergencies happen.

Pro-tip: Make sure you have an emergency savings account for times when busted pipes, failing appliances or other surprise expenses pop up.

Home Advice - Know your credit score

Know your credit score

It’s always a good idea to run a credit report to see where you’re standing. Why? It’s one of the biggest criteria considered by lenders in the mortgage application process.

Pro tip: Don’t have a financial advisor? Talk to one of our non-commissioned financial professionals to help you develop ways to improve your credit score or manage your money for a home purchase.

Earn rewards for saving.  Open an Emergency Savings Share Account. Learn More The Ultimate Homebuyer’s Guide   From where to start to who’s involved, get the right facts before you make  your big purchase.  Learn More

Questions? Contact a financial professional.