Ignite FB Tracking PixelHow Your Bank Account Impacts Homebuying - Robert & Nancy Lindeman
How Your Bank Account Impacts Homebuying

by Robert & Nancy Lindeman 01/02/2019

If you’re looking to buy a new home anytime soon, getting your finances in order is an excellent first step to getting the keys to your dream property. No matter where you want to buy a home, your financial picture is the most critical aspect of buying a home. Read on for some tips to get you financially prepared to buy a house.


Set A Savings Goal


Buying a property will require a significant amount of money up front. From closing costs to the down payment, you need to set a specific amount to save up before you even get out on the house hunt. 


Break your savings goal down by month over a yearly number if you have multiple years before you buy. 


Have A Specific Account For Savings


If you don’t see it, you won’t spend it. Tuck all of your savings in one account. Use automatic transfers to make saving from your paycheck easier and seamless. Before you even check your account, you’re on your way to your savings goals. You may not want to keep your money in higher yield accounts. These may not allow you to take the money out when you need it. Take the time to shop interest rates on savings accounts at different banks. Some may even offer a bonus. Just remember always to pay yourself first. Don’t be tempted to spend the money that you have saved.    


Rethink Your Budget


Depending on the amount that you want to save to buy a home, you may need to cut costs significantly. Take the time to do a budget and see where you may be able to cut down on costs. Should you cut the cord on cable? Are you going out to restaurants too often? Another idea is to call your phone company and other utility providers and ask about discounts. You may need to make some lifestyle and budgeting adjustments in order to get on your way to your dream home.


Use Gifts Wisely


Did you get a big Christmas bonus from work? Did a relative give you a monetary gift for your birthday? Take all of the extra cash and stash it away in the account that’s dedicated to your home savings. It will only help you to achieve your goals faster.


Keep Your Accounts Stable


Before your loan can close and the keys to your dream home are yours, you’ll need to make sure you don’t make any significant purchases. You need a paper trail for all of your money. Before you buy a home is not the time to go nuts and buy furniture or buy a car. These things can affect both your credit and debt-to-income-ratio.   

      


About the Author

Author
Robert & Nancy Lindeman

Robert and Nancy Lindeman have over 25 years of experience in residential and commercial real estate transactions, and have been top producers for many years.

They pride themselves on providing a highly individualized approach to each client's needs, including a strong presence on the Internet. Weekly blogs about the Sarasota Lifestyle provide a wealth of information to their clients. Social networking has enhanced their marketing efforts and has resulted in a new source of buyers and sellers.

They are currently living the Downtown Sarasota Lifestyle and have sold many downtown condominiums as well as properties on Longboat Key, Lido Key, Siesta Key, St. Armands Key, Bird Key, in many golf course communities, and in the greater Sarasota/Bradenton area.

Testimonials

Our experience with Bob and Nancy has been great. They are both SRQ "realty savvy" and a really nice couple, who genuinely care about your situation and interests

Guy & Nancy,

Nancy and Bob Lindeman have been friends and realtors for over the past 14 years during which time we have purchased three and sold four properties, they have been very professional and responsive throughout the period. We wouldn't use anyone else in Sarasota market

George and Charlotte,

Julie and I wanted to drop you this note to express our appreciation to you for your wonderful help and support with the purchase and sale of our old home. It was great to have your support in planning the sale and then in taking care of those pesky things that need to be taken care of to satisfy the buyer. The guidance you gave during the purchase of our condo at the Vue, helped to make us comfortable. You helped make our dreams come true.

Many Thanks, Julie and Richard,

Bob and Nancy Lindeman were fantastic to work with when selling our condo. They are a team and communication during the selling process was excellent. Nancy and Bob prepared brochures and a video tour of our condo that displayed it in the most attractive way. what was most impressive was the manner in which the internet listing was devised! Any search for a condo in downtown Sarasota would produce our condo in the results and it was most likely to first item. Many thanks for the creativity and work that Bob and Nancy put into a sale

Lynne and Marvin,