Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.

Buying a home is the largest investment that most people make.  June was National Homeownership Month, and Wells Fargo wants to share some helpful tips for first-time homebuyers.  First, start  saving for your down payment.  Second, be mindful that there will be other home-related costs in addition to the mortgage payment.  You will need to be financially prepared for home upkeep costs, property taxes, homeowners insurance and necessary expenses.  Third, get pre-approved for your home loan before you start shopping.  It will help you to know how much you can afford and will ease the closing process.  Fourth, avoid taking on new debt, lenders consider how much money you owe compared to how much money you earn when determining loan approvals and amounts. Join us next week as we cover how to select the right home loan.

For more financial tips and information, visit wellsfargo.com/mortgage.