For first-time home buyers, becoming a homeowner can be an intimidating process. There are lots of responsibilities and costs involved, and your financial future is on the line. If you’re new to the game, it can take time to achieve the American dream. That said, it’s never too early to start thinking about the future and buying a home.

Lifestyle plays a big part in home ownership, whether you have student loans to pay or you own a car whose payments you can’t afford. Location plays a significant role in home ownership, whether you live in an expensive area or not. Regardless of what stage of life you’re in and what assets you already have, home ownership can always be at the top of your list.

Here, the best mortgage lender in Colorado Springs – Total Lending Concepts, breaks down the things you should do to finally become a homeowner in 2022 or beyond:

1. Save for a down payment

If you already have the home of your dreams in mind, you should start saving for a down payment immediately. While many banks and lenders will let you put down as little as 3.5% of the purchase price, it’s always best to have more than that as a cushion.

Fortunately, there are ways to save more money, even if you’re living paycheck-to-paycheck. Here are a few things you can do:

2. Reduce Credit Card Debt

This might be the most common use of credit cards, but it’s also one of the most irresponsible. It’s easy to rack up credit card debt when you’re only focused on meeting your monthly minimum payments and keeping a zero balance. But what you might not realize is that paying off a credit card in full can save you a lot of money. While your card’s interest rate may be high, it’s never a good idea to let it sit around, causing damage to your credit score.

3. Cut Down on Your Spending

One of the easiest ways to save more money is to change your spending habits. This can be a challenge for some, but it’s easier than you think.

The first thing you should focus on is your grocery spending. You can save upwards of $200 a month by cooking your food and packing your meals. That’s an extra $2,400 a year! On the other hand, you can also save more money by cutting out your gym membership if you’re not using it regularly. These are just a few examples, so do some research and see what you can do to cut down your spending.

4. Find Affordable Housing

One of the biggest factors in home ownership is housing prices. It doesn’t matter whether you’re renting or buying – the monthly payments are almost the same. To live in a nice home, you have to pay more.

That’s why it’s essential to find affordable housing in your area. If you need to relocate in the next few years, try to find the most affordable rentals you can live in right now so you can save up for a nicer home when you finally buy one.

5. Do Your Research

If you have your home picked out and you’re ready to make an offer, it’s essential to do your research before you say anything. Home appraisals are updated every quarter, so it’s easy to find out what properties are selling for online.

Take a look at what other properties in your area are selling for and offer a lower amount if necessary. Even if it’s just a few thousand dollars, you could save a lot of money in the long run. It would help if you also spoke with a professional negotiator to get inside tips and tricks that could save you a lot of money.


By following these five steps, you can become a homeowner in 2022 or beyond. If you plan ahead, save more money and do your research, you can finally apply for a mortgage in Colorado Springs and achieve the American dream.

Total Lending Concepts is here to provide you with the best rates for a home loan in Colorado Springs. Contact our team today to learn more about our loan options!