So You Want to Buy a Home in the Next Few Months — Here’s How You Can

So you’ve decided to buy a house. Now is the time to get serious about getting out of debt. Do you know how to manage debt effectively? Do you know how to begin paying down your debt? Do you know the best ways to save money for a down payment? Do you know how to get a mortgage? If you’ve answered “no” to any of these questions, you’re not alone.

This post will walk you through the best debt management tips for people who want to buy a house within the next 6-12 months.

It’ll be helpful if you’ve already considered your financial situation and have a good understanding of what you need to do to manage your debt and save money for a down payment. And once you know how much house you can afford, you’ll have a better idea of whether you’re ready to buy a house. If you want to learn more about the top debt management tips for people who want to buy a house in the next 6-12 months, keep reading.

Start with a Debt Management Plan
The first step is to create a debt management plan. The key here is to be realistic about your current financial situation and how much you can afford. You want to get started by listing all of your debts and their monthly payments. Don’t forget to include any “hidden” debts, like student loans, car loans, and credit cards that you don’t use but still make monthly payments on.

Consolidate Debt
Debt consolidation is a process of combining different debts into one larger loan. This can be helpful if you want to:
  • Reduce the interest rate on your debt
  • Combine multiple types of loans (credit cards, student loans, personal loans) into one manageable monthly payment
By taking action to consolidate your debt, you will be that much closer to realizing your goal of buying a house in 6-12 months.

Track Your Debt
There are many tools out there that can help you track your debt. One of the more popular debt tracking tools is Mint. It’s an online website that helps you create budgets and lets you know how much money you owe and to whom. You can also use Mint to set up alerts when payments are due, which will help remind you to pay your bills on time.

Consider Credit Counseling
Debt management is a critical step that you need to take in order to start paying off your debt. One of the best ways to do this is through credit counseling. Credit counselors are experts in managing your debt and will help you find the right repayment plan, set up a budget, and create a long-term plan for paying off your debt.

See if You Qualify for Down Payment Assistance
If paying off your debt means that you’re unable to put enough money down on a home, you may be eligible for special grants, loans, or tax credits. There are many down payment programs available to help, including those targeted for first-time home buyers, veterans, and those with disabilities.

The debt management tips above can help you purchase a home within a year. When you’re ready to explore listings in Michigan and find a REALTOR®, start your journey at!