Crunching the Numbers

Buying a home is one of the biggest financial decisions you’ll ever make. How do you know if you’re finally ready to make the leap? How much do you need to have for a down payment? What other expenses should you be prepared for as a new homeowner? Are there programs available that could help you as a first-time homebuyer?

In this episode, host Nadeska Alexis looks at all these questions for a deep dive into how to make sure you’re financially prepared for your first home. Nadeska speaks with new homeowner Dani Malloy about how she and her family started their house search when they realized they were quickly outgrowing their Chicago apartment. Dani shares how they decided between a larger city condo and a detached home and how HOAs affected their choice. She also describes why it was important to her to save for a traditional 20% down payment and how she and her husband were able to do that. She then offers her experience with learning to be picky while viewing houses and how that worked to their advantage when they eventually made an offer on an older home. Now settled into their new home, Dani has some concerns about the ongoing maintenance and yard work required and has questions about refinancing.

To address those concerns and questions, Nadeska is joined by Arielle Figueroa, a financial planner and Money Educator with a background as a loan officer. Arielle addresses one of the biggest concerns potential home buyers have— can I buy a home with existing debt? — and explains how your credit report is viewed by lenders. Arielle also explains different strategies for reducing your debt and saving for large expenses over time as well as how to create a budget that works for you and your goals. Lastly, Arielle breaks down the financial benefits of owning a home, explaining why it’s worth it to create a financial roadmap to achieve your goal.

You can read the full transcript on the Chase Website