Dreaming of owning a home?

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Here’s how to get started

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Are you dreaming about owning your own home?

If so, you’re not alone. And, whatever your timeline, it’s never too early to start planning. Bank of America’s 2020 Homebuyer Insights found that 89 percent of prospective buyers remain motivated to buy their first homes, and four in five consider saving for it a priority. More than half are either on pace or actively accelerating their home purchase plans. That’s not surprising, given today’s favorable interest rates.

Despite this optimism, some challenges remain. “Some would-be buyers self-select out of homeownership, assuming they can’t afford a monthly mortgage payment or the upfront costs,” AJ Barkley, Neighborhood Lending Executive at Bank of America, said.

“Other potential buyers simply don’t know where to start. No matter what stage of home buying process you are in, there are various solutions to make homeownership affordable and sustainable, such as innovative low down payment mortgages, significant down payment and closing cost grants and thought-provoking financial education tools,” Barkley said.

Here are suggestions to get you started.

Learn How Home Financing Works

Bank of America’s First-Time Homebuyer Online Edu-Series can take away the mystery of the home buying journey and provide you with actionable guidance. The free series, available in English and Spanish, reviews topics from preparing your finances to making an offer on a home to applying for a mortgage. In the series, you’ll hear from a first-time homebuyer as he shares his experience with using down payment and closing costs programs to help him realize the dream of homeownership.