June is here, and you know what that means… It’s officially summer and school is out; the longest day of the year comes and goes; wedding season is typically in full swing. But what else? National Homeownership Month. We celebrate a key American value and the cornerstone of our economy every single day of June. 

National Homeownership Month started as a week-long observance in 1995 as a strategy of President William Clinton’s administration to increase the nation’s rate of homeownership. In 2002, with the help of President George W. Bush, the week-long observance stretched into the entire month of June. National Homeownership Month is a time to celebrate and advocate the American Dream of owning a home. At Cambria Mortgage we take pride in building strong communities through promoting homeownership. Here are a few ways our team continually supports future homebuyers:

Responsible Lending

At Cambria Mortgage it’s our mission to help our clients fully understand what homeownership will look like. Together we take a thorough look at your unique situation, your future homeownership goals and the current market conditions. We walk you through the various home mortgage programs, help you decide which loan is best suited to your needs and guide you through each step of the home financing process. We also provide eligible borrowers with a fully-underwritten pre-approval before you find that perfect home, which is crucial to standing out in a competitive market.

Making Homeownership Attainable

We have a large network of housing counselors and financial advisors that we can refer you to who can help prospective home buyers better understand how to prepare and make homeownership more attainable. Some things these connections may assist with include improving credit, managing debt and assets, creating and sticking to a budget, saving for a down payment and other necessities to have a good homeownership experience.

Connecting Clients to Qualified Realtors

When clients are ready to buy, we are able to connect them to some of the Twin Cities’ most experienced Real Estate Agents. Using a Realtor during the home buying process is important and if a client does not have one in mind, we can connect them with a few to choose from. These individuals will help them look for homes in their prices range and guide them through each step of the buying process.

Serving Clients Well

We are connected to countless investors who help us offer clients down payment assistance programs, competitive interest rates and a wide-range of products. Being locally owned while still connected with these investors allows us to serve more clients efficiently.

According to USA Today, Minnesota comes in number three for highest homeownership rates, with a rate of 71.5%. West Virginia takes first with 72.5% and Vermont comes in second with 72.2%. Data from the latest U.S. Census Bureau report shows the United States as a whole has a homeownership rate of 65.3% If you’re someone who is not currently owning a home but wants in on the celebration here’s where you can start:

1. Examine Your Finances
   Take a close look at how much money is truly coming in and going out of your bank account each month and analyze your spending habits. Simple tweaks may give you a big boost for your savings goals. For more on setting and sticking to a budget, check out our blog post… Back to Basics: How to Create (and Stick to) a Budget.
   
2. Get Pre-Approved
   Speaking with a Mortgage Consultant early on is the key to a successful home financing transaction. Being pre-approved upfront will help you know exactly how much you can afford and will give you the ability to act fast and make a strong offer in a competitive market.
   
3. Test-Drive Your New Budget
   Once you are pre-approved and know the price range of homes you are qualified to be looking at, start living like you are making that monthly mortgage payment. Setting aside that dollar amount will give you a better sense of how much you really want to spend before you actually make the commitment. If things go according to plan, this will help you have a good chunk of savings set aside for that downpayment too.
   
4. Find a Realtor
   Now that you are pre-approved, your finances look good and you know what you want to spend on a house… Contact a Realtor and get out there! Working with a Realtor can help you target neighborhoods that fit your lifestyle and get into homes before they even hit the market. With rates as low as they are and inventory still pretty tight, having a professional on your side could be the key to your success.

If you are thinking of celebrating National Homeownership Month in the best way possible by getting the keys to a new home, now is a great time to reach out to Cambria Mortgage. We are here to help you navigate the current market and set you up for a successful homeownership future. Call us today at 952-942-0110 to get started!

SOURCES

“NATIONAL HOMEOWNERSHIP MONTH – June.” National Day Calendar, 13 Feb. 2020, nationaldaycalendar.com/national-homeownership-month-june/.

Stebbins, Samuel. “States with the Highest and Lowest Homeownership: New York, California Rank at the Bottom.” USA Today, Gannett Satellite Information Network, 1 Nov. 2019, www.usatoday.com/story/money/2019/11/01/states-with-highest-lowest-homeownership/40479391/.