Dreaming of owning a home?

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Here’s how to get started — part 2

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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.

Answer the Question: Are You Ready To Buy?

First-time homebuyers may be holding off for the “right time,” but there is no such thing because home buying is such a personal decision. While there is no secret formula to assessing emotional and financial readiness, these resources can help you determine how close you are to becoming a homeowner and equip you to move forward. After all, the more informed you are about the home buying process, the better prepared you are to find the best options.