Your Guide to Ditching Renting & Building Wealth

We’re partnering with the mortgage experts at Lower.com to guide you through the whole process — and answer your real questions along the way.

For example, did you know you can own a home for less than 5% down? Or that your monthly payment could be less than what you pay in rent? So, sit back, relax and let the Lower team show you the ins and outs — so you can buy a home and become your best homeowner self, sooner than later.

First thing’s first. Before you think about home shopping, you’ll want to get an overall view of your financial health, and gauge if you’re ready to buy a home now, need to get saving, or have a different step to take. It’s always best to trust a professional with these details — and getting pre-qualified is a great way to get started.

Unless you have a stack of cash just sitting in the bank, you’ll likely need to save at least a few dollars for a down payment. If so, you’ll want to download the Lower app and set a savings goal. Just enter the price of the home you’re looking to buy, and when you want to buy. Lower does the math for you — how much you need to save per month to meet your goal.

One way to keep motivated when saving is to remember your goal and why you want a home. Plus, when you have the Lower app, Lower will match your home savings up to $500 in HomeCash™! And Apartment Therapy readers get an additional $500 in HomeCash™ when they use code ATHOME500 in the app.

You’ll also rest easy knowing you’re earning 0.75% APY¹, which is 25X² higher than the average savings account. You’ll be buying in no time!

To get pre-qualified, just tell your loan advisor a bit about you, how much you make, and any debts you have. And that’s it! Once you move further down the process, all of the information will be checked and verified.

Until then, getting pre-qualified is great for seeing what you can afford, it looks great to sellers, and your real estate agent will also appreciate the guidelines it provides.

Now, you’re “in contract,” which is a fancy way of saying you’re almost there, but the deal hasn’t closed yet. Keep it steady. There’s a lot changing right now. It can be tempting to make big purchases for your home (new couch, anyone?), but try to leave them until after your loan closes. If anything comes up, reach out to your loan advisor so there aren’t any surprises.

Lower, LLC | NMLS ID 1124061 | nmlsconsumeraccess.org | Equal Housing Lender | 8131 Smith’s Mill Rd., New Albany, OH 43054 | Licensing

Lower Account is provided through Evolve Bank & Trust, Member FDIC. Annual Percentage Yield (APY) as of May 01, 2021, and subject to change after account opening. We use encryption and secure processes to help ensure your money is safe. See footnotes below for more details.

¹ Interest Rate Information – The Annual Percentage Yield (“APY”) for the HomeFund is variable and may change at any time. The disclosed APY is effective as of May 01, 2021. No minimum balance required. Must have $0.01 or greater in savings to earn interest. Interest is calculated and deposited on a monthly basis.

² Based on National Deposit Rate of 0.03% for Interest Checking according to the FDIC, last updated August 16, 2021.