With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four
Taking The First Step To Homeownership And Financial Security
Dated: October 16 2017
I posted a blog recently about the wealth-building benefit of home ownership. The central point: Homeowners have an average of 44 times the wealth of renters. While the wealth-building effect of homeownership is dramatic, the process is not dramatic at all; instead, it is the slow accumulation of wealth over years from property appreciation and the equity resulting from paying down the home mortgage.
While owning a home isn’t going to propel the average person onto The Forbes 400 List of The Richest People in America, it’s still great news for those who already own a home… but it can be frustrating for those trying to get a foot on the first rung of that ladder.
My specialty is helping people with homeownership, and that often means helping people become home ready. Here are some resources that can help you find the first step on the ladder:
- Home loan counseling by knowledgeable and compassionate mortgage professionals.
-Credit repair that works. The right steps can help correct errors, resolve disputes, provide guidance about the right moves to make and the missteps to avoid.
-State and local homeownership programs can provide grants for closing costs and down payments.
-Non-profit homeownership programs can provide financial planning and also include special loan programs.
In this era of slow income growth for the average person, the hard truth is that for most people financial security is a long-term process requiring gaining control over spending rather than financial wizardry.
I will leave it to others to dispense comprehensive financial management advice, since I’m not a financial planner. (My expertise is matching people with homes.) Here is a link to an article in Forbes by Barry Glassman with his recommendations for the “Best Personal Finance Books for All Ages”.
If you are that person who is searching for the first rung of the homeownership wealth ladder and would like help finding it, please give me a call and I will be happy to help.
Charles Chapman has more than 20 years' experience in the Montgomery County real estate market. He has been a full-time agent through rising markets and good times, and also through falling markets an....
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