6 Moves Aspiring Homeowners Should Make Before the Trump-Led Economy Begins
Written by
Marc Guberti
Edited by
Rebekah Evans
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It doesn’t matter who’s in the White House. Millions of Americans will always want to be homeowners and strive to move closer to that goal each year. Policies from any politician can change the economic landscape, but a few core fundamentals remain true in any economy.
Are you wondering what you can do over the next few days to boost your likelihood of becoming a homeowner? These are some of the financial moves homeowners should make before the inauguration.
Also here are other money moves to make under a Trump presidency.
Lock in a Lower Interest Rate
Interest rates have dipped quite a bit this year, but it’s possible for interest rates to increase or hold steady. Levi Rodgers, retired Green Beret and founder of VA Loan Network, believes that aspiring homeowners should capitalize on low rates if they are ready to buy.
“Lock in a lower interest rate,” he said. “Rates can shift with political changes, so pre-approval now can save thousands.”
See If You Are Ready To Buy a House
Some people aren’t sure if they are ready to buy a house, but reviewing your finances can help. If you’re not ready to buy a house, you can set financial goals that make you ready sooner and track your progress. Rodgers outlined how you can tell if you are ready for a home purchase.
“You’re ready if your finances are stable — consistent income, manageable debt and some emergency savings. Beyond numbers, mindset matters. I worked with a couple who thought they needed 20% down but found a program that worked with 5%. They realized readiness isn’t perfection — it’s preparation and adaptability.”
Pull Your Credit Report
Alexei Morgado is a realtor in Florida and the CEO and founder of Lexawise Real Estate Exam Preparation. He recommended reviewing your credit report and assessing your FICO score.
“Pull your credit report first and work out the discrepancies in it to improve your credit score while trying to pay off some of your existing debts,” he said. “This will help you get in a good position for mortgage approval.”
Review your DTI Ratio
You shouldn’t stop with your credit report. Morgado also recommended checking another important metric.
“Check your debt-to-income ratio; a lower DTI shows a healthy balance between your debt and income, making your application for a mortgage much stronger,” he added.
You can reduce your DTI ratio by increasing your income or paying off more of your financial obligations.
Build Up Down Payment Savings
Morgado also recommends prioritizing your down payment savings. Adding some extra money from your next paycheck to your down payment savings account will put you in a better position before the inauguration.
“You also need a solid down payment savings plan,” he explained. “Consider setting up an automatic transfer to a designated savings account and explore ways to boost your income to grow your savings.”
You can also look for a high-yield savings account. Securing a higher yield allows you to grow your savings at a faster pace without any additional work, so that you are ready to purchase at the right time under the incoming administration.
Determine What Type of House You Want
Knowing more about the type of house you want will give you a clear target. You should think about the neighborhood, property size, backyard and other details that matter to you. Morgado offered some suggestions of what to consider when creating your criteria.
“It should start with research into one’s lifestyle and future plans regarding family size, commute to work, proximity desired to stores and schools, number of bedrooms and bathrooms needed, size of the house and need or desires for yard and/or patio areas.”
Finances are also a key part of the decision-making process, as Morgado explained.
“Determine your financial situation, including what you can comfortably afford: mortgage payments, property taxes and maintenance costs,” he added. “This can be done through pre-approval for a mortgage to give you a pretty clear idea of what your price range is.”
Rodgers also provides succinct advice when it comes to finding the right home.
“Write down your must-haves — location, space, features — and think long-term. Buy for the life you’re building, not just today. It’s about finding a home that fits you now and grows with you,” he said.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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