Stretch Your Dollar: Tips for buying your first home

Stretch Your Dollar

(WTNH) — While people begin their holiday shopping, others are looking to make a much bigger purchase for the first time.

News 8 is stretching your dollar with tips for first-time homebuyers.

The holiday shopping rush has begun, but in 2020, it’s not the only buying that’s happening.
Liberty Bank’s Pam Days-Luketich said the company is seeing a record number of first-time homebuyers this year.

“Interest rates are really low right now, so it’s a great time to buy,” she said.

It’s a great time to buy, or as low rates continue, a great way to plan to buy in the near future. Days-Luketich suggests anyone thinking about the investment should do what they can to improve their chances of landing an even better deal.

“We have homebuying education classes, budgeting classes, credit classes. We offer classes on credit repair for those not quite ready to purchase a home yet and they need to do some work.”

The free workshops and webinars are available to anyone — even if they aren’t a bank member.

She also advised people sure to check their credit reports for mistakes.

“A lot of times your relative’s information could pop up, you don’t want to have your uncle Jim’s motorcycle on your credit report.”

“There’s down payment assistance programs,” she added. “We participate with the federal home loan grant and the equity program, which is a grant to help with down payments.”

What’s good for one person isn’t necessarily best for another, which is why it’s important to sit down with someone and go through your options.

More information can be found online.

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