Tarpey Group

What is the American dream? For many, the dream is to own their own home. In the current economy, it may seem impossible to achieve this goal, but with the help of short-term financial annuities, you can save up a decent size down payment. What should you do during the next five or ten years while you are paying into your annuity?

• Pay down your debt. Owning a house is a big financial responsibility. You may find getting a loan easier with less debt. This will also free up more of your monthly income to create an emergency fund.
• Start your “deal breakers” list. A deal breaker is basically a feature that could keep you from buying a potential house. For example, if you must have granite countertops, you can skip any house on the market that does not have them. Knowing what you want can help you weed out unsuitable properties quickly.
• Start researching different mortgage options. Many first time buyers are surprised at all the varying options for home loans. By preparing ahead of time, you can decide what the best arrangement is for you and find a lender willing to work with you.

Some people shy away from financial annuities because of the lack of flexibility and instant gratification of other types of investments. Keep in mind that each time you pay into an annuity you could be one step closer to your goal of home ownership. Interested in learning more? Contact one of our agents today.

*