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Achieve Homeownership: Financial Tips & Mortgage Guidance



04/03/2025


Achieve Homeownership: Financial Tips & Mortgage Guidance
Homeownership: A Dream Within Reach
Owning a home has long been considered a cornerstone of the American dream, representing financial success, stability, and a sense of belonging. However, for many prospective buyers today, achieving homeownership feels increasingly out of reach. KeyBank’s 2025 Financial Mobility Survey reveals that a significant portion of Americans doubt their ability to own a home, with many believing it is unattainable for both themselves and the average citizen.

Despite these concerns, those who successfully purchased a home in the past year identified key factors that helped boost their confidence, including guidance from mortgage loan officers. These professionals play a crucial role in making homeownership more accessible by providing information on available resources and financial options.

Addressing Homeownership Challenges
April marks Fair Housing Month, an opportunity to explore strategies for making homeownership more attainable and sustainable. Although navigating today’s housing market can be complex, prospective buyers have access to a range of financial tools and educational resources that can help them take meaningful steps toward owning a home.

However, many still feel homeownership is beyond their reach. The survey found that 46% of non-homeowners believe they will never own a home, an increase from 39% the previous year. Additionally, 41% of all respondents, including current homeowners, think that homeownership is unattainable for most Americans. Younger individuals without mortgages are making financial sacrifices to save for a home, with nearly half (47%) cutting back on spending. Yet, even among those taking these steps, six in ten still doubt they will ever achieve homeownership.

The Impact of Home-Buying Programs
Financial education can play a pivotal role in increasing confidence in the home-buying process. Many survey respondents acknowledged the value of learning about budgeting for a down payment and closing costs, with 48% of potential homebuyers and 45% of renters expressing interest in these topics. Additionally, 31% of recent homebuyers noted the importance of estimating and managing ongoing homeownership expenses.

Meeting with a mortgage loan officer can be a game-changer. Among survey respondents who purchased a home within the past year, 30% cited these meetings as a key influence in their decision-making—an increase from 19% the previous year. KeyBank’s Financial Wellness Center offers tools and guidance to help individuals assess their financial position and take the next steps toward homeownership.

Strengthening Financial Confidence Through Homeownership
New homeowners tend to feel more secure in their financial stability. Those who have recently purchased a home are more confident in their ability to handle unexpected expenses, such as covering a $2,000 emergency, and have a more optimistic outlook on the economy for the year ahead.

How Banks Can Support Your Homeownership Journey
Whether you are preparing to buy your first home or looking to improve your current one, your bank can be a valuable resource in making homeownership more affordable and sustainable. A Financial Wellness Review with a banking expert can help you develop a savings plan for a down payment or explore home loan options tailored to your needs.

Mortgage loan officers provide insight into available lending programs and opportunities, helping you take the first steps toward purchasing a home. It’s also crucial to consider more than just the home’s price tag—monthly mortgage payments should align with your budget. KeyBank’s Mortgage Affordability Calculator can help determine a manageable loan and payment amount, taking into account all aspects of homeownership costs, including the down payment, principal, interest, property taxes, insurance, and potential private mortgage insurance (PMI).

Investing in Your Financial Future
"A home is more than just a place to live—it’s a long-term investment in financial security,” says Rachael Sampson, Head of Community Banking at KeyBank. “At KeyBank, we are dedicated to supporting homebuyers throughout the entire journey. From saving for a down payment to managing the responsibilities of homeownership, we provide the tools, financial planning, and expert guidance needed to build lasting financial confidence.”

No matter where you are on your homebuying journey, expert support is available to help you navigate the process and celebrate your success.