Tips for Owning a Home and Building Wealth

Owning a home can be attainable for all service members. In order to do so, it is important to first get your existing finances in order. This includes reducing debt, which will increase your credit score and help you to obtain a lower interest rate, and to create a savings a plan that can be used for unexpected expenses and repairs. Once those have been taken care of, it is time to buy a home. Be sure to apply for a loan ahead of time so that you know what you can afford. Once you get the home, be sure to make payments on time to avoid penalties or worse, foreclosure. If you run into hardship and think you will have difficulty making your payments, seek help immediately from your lender or other DOD programs such as InCharge Institute of America or Military OneSource. It is also important to be cautious in borrowing home equity so that you do not continue to increase your debt. The most important tip is to make a plan that includes your current and long term financial goals. Read the full article here: