5 Steps to Take Before Buying a Home


Don’t let the dream die

The American dream of homeownership took a turn for the dramatic in 2008 with the blow up of Bear Sterns and the realization that home mortgages (albeit subprime or low quality mortgages) could take down the entire banking system in the United States. As most extremes lead to other extremes, this catastrophe led to increased and tighter regulations where mortgages were concerned. We went from an environment where anyone with a social security number could get a mortgage to a high level of scrutiny for even the highest credit quality applicants.

As a financial advisor, I have witnessed the pain of buying a home or re-financings alongside my clients. And after witnessing the challenges, I want to make sure that others are prepared for the process if they are about to go through it. The best way to tackle any challenge is to prepare for it, and here are some steps I believe everyone needs to go through before buying a home.

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

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