In a 2013 trend, more single women, nearly double than that of men, are becoming homebuyers. Not that long ago, it was unheard of for single women to become homeowners, opting for lower-cost renting options instead.
However, with the cost of rent increasing and in many cases, the cost of home purchasing becoming more feasible, women are taking the leap towards home ownership. Single women, a group that is formed by never married, divorced, and widowed women, are purchasing one out of every five homes on an annual basis.
More women are building their own credit instead of relying on their men counterparts. In fact, women have greater financial independence than they did even twenty years ago. In a study done by Harvard University’s Joint Center for Housing, between 2002 and 2003, women spent $550 billion buying homes.
Tips for Women Homebuyers:
• Personal budget always comes first. Diversification of personal finances is always best, considering a home, car/auto, credit cards and investment options. Don’t overreach yourself financially for the purchase of a home. Keep in mind maintenance costs for residential home upkeep.
• Ask questions. Purchasing a home can seem intimidating, and the personal mortgage industry has its own language. Ask as many questions as you need to feel comfortable in making a home purchase.
• Confidence is key. Shop around and look at all of the options with your mortgage lender to make sure you’re getting the best long-term deal.
Are you ready to make your residential home purchase?
Buying a home for the first time can be both exhilarating and nerve-wracking, and you need a mortgage professional that will have your best interests in mind. Here are mortgage lending tools for first time home buyers.
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