BONUS: How to Buy Your Dream Home, With Bank of America Exec Kathy Cummings
Do you want to buy a home in the next five years but have no idea where to start? Do you feel overwhelmed by the real estate market? Do you know if you’re financially ready to purchase a house? On the latest episode of The Everygirl’s Guide to Building Wealth series, Josie is joined by Kathy Cummings, the Senior Vice President of External Partnerships at Bank of America, to offer expert insights and guidance to buying your dream home. From how your credit impacts mortgage rates to what financial steps to take now if you want to buy a home in five years, consider this your go-to financial guide to buying a house.
SHOW NOTES:
On this week’s bonus episode, Bank of America executive Kathy Cummings shares all of her top tips for home buying in what can often feel like an overwhelming market. First, Josie asks Kathy to share common misconceptions among young people about buying a home. Kathy explains why there’s no “right” time to buy a home, so there’s no reason to wait for the market to be perfect or for your finances to be 100% there. She shares the correct way to tackle your mortgage payment and how to ensure you’re making smart financial decisions without slipping into toxic perfectionism. Josie asks Kathy when is the right time to start thinking about saving for a down payment, and Kathy explains how it’s never too early. She discusses having a savings plan and improving your credit. Josie and Kathy then have a conversation about how to know when you are emotionally and personally ready to handle the responsibility of a home, including the maintenance and the location. Kathy shares how credit scores and having several open lines of credit can impact your ability to buy a home. She also provides tips for checking whether you are financially eligible for home buying, or if you should continue renting for the time being. Josie asks Kathy if it’s possible to buy a home while being in debt, and Kathy explains the kinds of debt that might impact your ability to purchase a home. To close the episode, Josie asks Kathy the amount prospective home buyers should set aside for maintenance costs prior to a down payment.
Must-Listen Moments:
[00:34] Demystifying Home Buying with Kathy Cummings from Bank of America
[00:47] Common Misconceptions About Buying Your First Home
[05:29] Financial Planning and Homeownership Advice
[14:47] Understanding Home Affordability and Financial Planning
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