Make Homeownership Your New Year’s Resolution

Is one of your goals for 2026 to purchase a home? Start preparing early, so you can make knowledgeable financial decisions in meeting your goals. At Stifel Bank & Trust, we want to equip you with tips to cross homeownership off your resolution list.

Review your Credit Report

One of the first steps in preparing to buy a home is making sure your credit report is accurate. You can easily review this by ordering a free copy of your credit report at www.annualcreditreport.com. Then verify your information is correct and up to date. If there are any errors on your credit report, you may dispute them with your creditors. Regularly reviewing your report helps ensure accuracy and catch mistakes before they affect your credit score.

Understand your Monthly Cash Flow

Before making a significant purchase, such as a home, look through your monthly expenses to better understand what you can afford. Bills to evaluate in your expenses include student loan payments, monthly credit card payments, utilities, car payments, and more. Make a goal of putting away a certain amount of your earnings into savings every month to save for your down payment.

Budget for Homeownership

To build your budget, you need to understand your mortgage payments. Mortgage payments can be broken down into principal, interest, taxes, and insurance. Additionally, your home may be subject to Homeowners Association (HOA) fees, depending on the neighborhood’s bylaws. You will also need to factor in utility costs for water, electricity, internet, etc.

Research Prospective Homes

Having a clear idea of what you want in your future home can help you narrow your search when it’s time to buy. Plan ahead and have a general idea of how much living space your family needs and your ideal location. Maybe living in a specific school district or close to family is important to you. Perhaps you would prefer to be close to your work or to have an open yard. Keep a list of your ideal home qualities so you may prioritize wants and needs when you begin your homebuying journey.

Work with Experts

It’s essential to work with real estate agents who understand the market in the area where you want to live. A buyer’s agent is responsible for assisting you in negotiations and providing market insights, so the more knowledgeable they are in that area, the better they can work for you. Working with an experienced mortgage lender is also vital to making your homebuying process as smooth as possible. Stifel Bank & Trust’s lenders have built lasting relationships in the St. Louis area and have an average of 20 years of experience. Visit www.stifelmortgage.com to meet our team of dedicated lenders and learn more about our offerings.

Additional Resources

Stifel Bank & Trust offers mortgage calculators to help you assess affordability and expected payments. Visit https://stifelmortgagecalculators.mymortgage-online.com/ for our free online calculators. If you want to know more about financial topics, such as budgeting, buying a home, and building credit, visit https://stifelbank.banzai.org/wellness for free online workshops.

Ready to take the next step?

Get started here: www.StifelMortgage.com or call (314) 317-6900 for additional information.

Stifel Bank & Trust, NLMS #375103

Please contact your Stifel Bank & Trust Lender for loan program details. This information is provided for informational purposes only and is not intended to extend consumer credit as defined by section 1026.2 of Regulation “Z.” Interest rate, program terms, and conditions are subject to change without notice. 
Stifel Bank & Trust offers mortgage services to clients of Stifel and current and prospective homeowners in the St. Louis Metro Area of Missouri and Illinois.