Buying a home is usually the most expensive purchase people make in their lives. It is considered to be a symbol of success which signals to others that you are getting closer to fulfilling the American dream. Knowing that buying a home is a big financial and psychological commitment, finding out how much you can afford should be your #1 priority. To start your home buying journey, you need to be mindful of the following four things:
Establish your priorities
Make a list of your ideal home (features, location, type of property, age, square footage)
Hire a professional to inspect the home you are interested in
Having a plan in place can help you establish priorities. If you have additional debt like student loans, it might be best to see if you can prioritize paying those off first before purchasing a home — Keeping a list is always helpful.
Conclusion
If you are a first-time home buyer, knowing all of these four things will help with your home buying journey. You will at least have one foot ahead of those who do not have a plan at all. Focusing on the preparation required to purchase as opposed to the excitement of it can help you stay on budget. “Try to the extent possible to separate emotion and logic,” says Keith Gumbinger, Vice President of HSH.com, an online consumer’s mortgage resource. Once your plan is ready, it is time to start shopping for mortgage lenders. Some lenders are known for being the “Best for” various clients such as first-time home buyers, active military members, and veterans. Read the full article here
