It’s exciting to purchase a new home! Whether it’s your first home, an investment home, or vacation home. A big part of this excitement comes from envisioning what you’ll do once you own the home. I am so happy when we I my clients excited.
For this post though, let’s take a step back and think about your finances before you purchase, and explore the long-term benefits a home can contribute to your financial security.
Be realistic when you plan: Make a list of the things you desire (vs need) in your next home. You may be able to have both, and that’s great. Most important is to address your primary needs. Take an honest look at your current income and expenses; keep in mind the big costs you expect to come up in the future (college, family vacations, cars, etc.). Try and learn a bit about mortgages on your own and avoid the temptation to max yourself out once you do sit down with your mortgage lender. Having a frank conversation with everyone in your family will go a long way in making the best decisions long-term.
Lean on me for advice: As a REALTOR® I know a lot about mortgages (even though I am not a licensed loan officer). Reach out early and allow me to be there for you. You’ll be amazed at the reliable guidance I can offer. I have more than one referral for reputable mortgage lenders as well.
Find a mortgage lender you trust: A great mortgage lender will be aware of all your loan options, be willing to educate you on the loan process, and make proactive suggestions based on your particular situation. It’s OK that you don’t know all the ins-and-outs of mortgage lending. Once you find the perfect fit in a loan officer you’ll feel supported and confident in your decisions.
Keep equity growth top of mind: From start to finish, don’t lose sight of the benefits that equity growth in your home provides. With every decision you face throughout your home buying journey, ask yourself “Will this contribute or take away from the equity I plan on building in my home?”
Reach out anytime if you are thinking of buying and have questions. Text, call or email! As your DFW REALTOR®, I am here to listen, help you make a plan, and work for your best interests.