June is National Home Ownership Awareness Month! Skip to content
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June is National Home Ownership Awareness Month!

June 07, 2024

We celebrate this month because it is a time to shine light on the benefits of being a homeowner. These benefits encompass everything from financial stability and investing to personal freedom.

As you contemplate taking this significant step, understanding the home buying process is crucial. This involves evaluating your financial readiness, getting pre-approved for a mortgage, house hunting, making an offer, and closing the deal. Furthermore, financial literacy is essential for successful homeownership, including managing mortgages and loans, and budgeting effectively for home expenses. This month, take advantage of the many resources available to guide you through this transformative journey.

What are the benefits?
Owning a home offers significant benefits that can enhance both your financial well-being and your personal life. Financially, home ownership provides stability as you build equity over time, turning your monthly payments into an investment rather than an expense. This can lead to long-term financial security and potential growth in your net worth. On a personal level, owning a home gives you the freedom to create a space that truly reflects your style and needs, offering stability and a sense of permanence that renting often lacks. It's a foundation for building memories and a place you can truly call your own.

What are the steps to buying a home?
Buying a home involves several important steps to ensure a successful and smooth process. First, assess your financial readiness by reviewing your savings, income, and credit score to determine how much you can afford to spend on a home. This step also involves calculating a budget for down payments, closing costs, and ongoing maintenance. Next, get prequalified for a mortgage to understand your borrowing capacity and show sellers that you are a serious buyer. With prequalification in hand, you can begin house hunting, focusing on properties that meet your needs, preferences, and budget. When you find the right home, make an offer and negotiate terms with the seller, including price, closing date, and any contingencies. If your offer is accepted, you'll move on to the closing process, which involves finalizing your mortgage, conducting necessary inspections, and signing all required legal documents. Once everything is completed, you will officially own your new home and receive the keys!

What are some of your resources as a TVFCU member? 
Financial literacy is crucial for successful home ownership, as it equips you with the knowledge to manage mortgages and loans effectively, and budget for ongoing home expenses. Understanding the terms and conditions of your mortgage helps you make informed decisions, avoid pitfalls, and plan for the future. Budgeting ensures you can handle not just monthly payments but also unexpected costs like repairs and maintenance. Numerous resources are available to help you enhance your financial literacy, including online courses, financial advisors, and tools like mortgage calculators, all of which can guide you toward sound financial management and long-term stability as a homeowner. TVFCU offers a wide range of mortgage products and the team mortgage experts can assist you with any questions you may have.

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