Improving Your Finances For Homeownership

Improving Your Finances For Homeownership

As we move into the new year and begin making our New Year’s resolutions, it’s natural for many of us to begin thinking about ways to improve our financial health in 2022. If you’re interested in getting your finances in tip-top shape so that you can purchase a new home, you’re in the right place. To kick off the new year, we’ve partnered with our preferred mortgage lenders at Flat Branch Home Loans to share expert tips and tricks on how to financially prepare yourself for homeownership. Keep reading to find out more! 

1. Meet with a Lender

The good news for prospective homebuyers is that interest rates are projected to stay relatively low for 2022 – fluctuating anywhere from 3.1% to 4.0% ( statistics found on ). Before you dive too deep into the buying process, connect with a reputable mortgage lender – even if you don’t feel fully prepared to own a home just yet!


The team at Flat Branch highly recommends working with an experienced lender through your entire home buying journey to ensure that you are taking the right steps to get into your dream home. They’ll walk you through the mortgage process and help you determine how much you can afford. Not ready to buy a home just yet? Don’t worry! Flat Branch cares about getting you approved, no matter your credit or financial history – that’s why they provide you with a detailed plan of action as you prepare for homeownership.

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2. Take a Look at Your Finances

There are several important steps to take when looking to get your finances in order, and the process might take some time to accomplish. Take these suggestions into consideration and you’ll be on your way to a new home before you know it!

Check Your Credit Score

Before you begin your home search, it’s important to first obtain a qualified credit score. If your credit isn’t exactly where you’d like it to be – don’t worry. There are many options for low credit score loan programs and things you can do in the meantime to begin improving your credit as well.


To start, you can focus on some of the easiest ways to improve your credit score, such as paying your bills on time, avoiding any big purchases on your credit card, only applying for credit accounts when necessary, and staying up to date with all of your accounts.

Save What You Can

Now that you’re working on your credit score, it’s time to start budgeting for the purchase of your home. The more money that you can put down on a home the less you’ll pay monthly. Paying more for your home upfront makes you a lower-risk borrower in the eyes of a lender, can remove the private mortgage insurance payment from your loan, and typically results in a lower interest rate.

Traditionally lenders have suggested having a 20% down payment on your mortgage, however things are looking a little different in today’s world. If a large down payment just isn’t feasible right now, there are many programs that allow for low or even no down payment to purchase a home. Find the loan option one that works best for your family.

Regardless of how you’ll tackle your down payment, it’s still important to keep a few tried-and-true budgeting tips in mind. Take a close look at how you’re spending your money and set some financial goals accordingly.


Do you love a good mobile app to help hold you accountable? The lenders at Flat Branch recommend the Qapital app for financial goal setting and the Mint app for budgeting

3. Begin Your Home Search With Us

At Schuber Mitchell Homes, we believe in making homeownership attainable for everyone, so we work to make the experience as accessible (and fun) as possible.


Our team takes great pride in creating the best communities for any stage of life in the Southwest Missouri and Northwest Arkansas areas and i s developing more daily! We’d love to connect with you and find the right community for your family, and we'd also like to give a big thank you to our friends at Flat Branch Home Loans for collaborating with us on this blog post.

Is buying a new home your New Year’s resolution?

We have New Ho me Advisors eager to answer any questions that you may have. You can reach them at 866.499.8919 or by clicking below. Our New Home Center is also open for self-guided tours, so feel free to stop by any time during daylight hours and find your dream home!

*This post has been updated for accuracy on January 10th, 2022

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