A guide to feeling comfortable buying a home and building equity in any economic market.
Published 09-08-23
Submitted by KeyBank
Originally published in USA TODAY
Buying a home can be stressful, regardless of economic outlook or whether a homebuyer has gone through the process before. But homeownership is a major step toward establishing financial stability and building wealth for future generations. Even in an uncertain market, it helps enable upward financial mobility.
Whether a person is a first-time homebuyer or they're looking for a place that better meets their current needs, obtaining the right loans and navigating the process can be daunting. Working closely with a mortgage loan officer to evaluate all available options can help make the process as simple as possible — and get homebuyers into their dream home all the sooner.
Even amid financial uncertainty and the chance of an economic downtown, purchasing a home offers the potential to build equity over time. According to KeyBank’s latest Financial Mobility Survey, most consumers are still planning on making big-ticket purchases this year, with two-thirds (66%) intending to make at least one large purchase in the next year.
When considering purchasing a home, the following tips from KeyBank can help first timers and seasoned house hunters alike on the homebuying journey:
While owning a home does come with certain costs and risks, the potential rewards make it a worthwhile investment for the long road and, potentially, for generations to come. Real estate is a long-term investment and homeownership can help provide a tangible asset in an uncertain market.
For additional insights and resources on homebuying and other financial topics, visit the KeyBank KeyBank Mortgage Center or find a Key Mortgage banker here to help you.
Story from KeyBank. KeyBank Member FDIC. Mortgages ARE NOT FDIC INSURED OR GUARANTEED. Equal Housing Lender. NMLS# 418927
About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, KeyBank is one of the nation's largest bank-based financial services companies, with assets of approximately $195 billion at June 30, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed. For the KeyBank Home Buyer Credit and the Key Opportunities Home Equity Loan, geographic restrictions apply. Ask us for details. NMLS #399797 © 2023 KeyCorp®. All Rights Reserved. CFMA# 230614-2123982
NOTICE: This is not a commitment to lend of extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All lending products are subject to collateral and/ or credit approval. Not all loans or products are available in all states.
[1] Special Purpose Credit Programs are, generally, programs that are established to meet special social needs or the needs of economically disadvantaged persons by extending credit to persons who would probably be denied credit or would receive it on less favorable terms, under certain conditions. See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a).
[2 Available on primary residence purchases only. Limited to certain geographical areas. Ask us for details.
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at June 30, 2024.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
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