The New Homeowner Diet

Money SmartsJune 5, 2018

How is pushing away that second slice of pizza and saving for a home purchase alike? If you've ever dieted, you know sacrifice and hard work. That's what it takes to make a great homeowner. Here are some tips to get you moving toward that down payment.

1. Don’t bite off more than you can chew

One of the biggest mistakes new homeowners make is buying more house than they can realistically afford. At Great Lakes Credit Union (GLCU), we want to get the right loan for you so that you can move into a home that’s comfortable and fits your lifestyle. That doesn’t mean you have to use every dollar you qualify for.

It’s easy to see the down payment as your goal and forget about the rest of the mortgage, but this won’t be the last purchase you make!

2. The late-night run

You may be making sacrifices and saving as much as you can, but still not feel like you’re getting any closer to your dream home. You’re not alone. Today’s typical middle class family has more than one job, and a surprising number of those families have three or more sources of income. Even with the popularity and necessity of taking on a second job, some people are embarrassed to do so. Don’t be embarrassed to go for an extra run to make the dream come true!

3. You can't lose weight without a scale

Most people keep track of their weight every day while dieting. Some keep a food log. Some count calories, points or carbs. The bottom line: You need to be able to see how you’re doing so you know when you can splurge and when you need to cut back. The same is true when saving for a home. Make a budget and stick with it. If you have a bad month, don’t get frustrated. Instead, commit to doing better next month.

4. Everyone needs a spotter

If you want to own a home, you need to save money, but you don’t have to do it alone. Think of us as your personal trainer for your financial health. Our Mortgage Team can help you figure out what you can afford and how you can get there.

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