Marriage is one of if not the most exciting moments in any person's life, filled with plenty of memories that will last a lifetime. However, it is also a start of a road that the two of you will take filled with important decisions to make. One of these decisions is a significant one: what home should the both of you purchase? Homeownership is a big step for many individuals, single or married, and deciding when and where to buy a new home is vital.
That being said, if you are a newlywed looking for tips to purchase your new home successfully, you're in luck. We're going to share with you vital steps you and your loved one must take to buy a home.
Vital Steps When Buying A Home
- Talk with Your Spouse. While you might already know plenty about your spouse, you might not know about their financial life. As such, before you go out to look for homes or reach out to a lender, the two of you must sit down and talk about finance. For example, learn what each other's credit scores are, what the monthly income is, the financial history, their future goals, and the like. The more you understand someone's financial situation thoroughly, the better you'll be at gauging what kind of homes the two of you can afford.
- Reach Out to a Lending Advisor. Once the two of you understand each other's financial situation, it is time to reach out to a lending advisor. Your lender will be experts at joint and even individual mortgages. We can also share with you new mortgage options that you do not realize exist up until then that might help you net your dream home.
- Get Prequalified for a Mortgage. With mortgage options laid down on the table and knowing which one you want, it is time to get prequalified. Though it isn't necessary to be prequalified, it shows the buyers that you are serious about the purchase. This can give you an advantage over other buyers who aren't prequalified, as it is a sign that you can already pay for the home should you agree to buy the house. It also helps you understand exactly what kind of homes you can afford, ensuring that you do not step out of your given budget.
- Understand Your Future Plans for the Home. Before you pay for the actual home, you need to understand what kind of future plans you have for it. Are you going to stay in the home long-term, or are you here for just a few short years? Answering this question is essential so that you can pick the right type of mortgage, either fixed-rate or adjustable-rate, to save as much money as possible. If you are planning to stay long-term, then a fixed-rate mortgage is the way to go. If you are planning to sell the home early on, then adjustable rates are your go-to option.
Buy Your Dream Home with Shannon Christenot
By following the steps we've shared with you today, the two of you can be well on your way looking for your dream home to finally move in and spend quality time with each other. This journey can be filled with plenty of challenges that can affect the home-buying experience and even the home you purchase. As such, we highly recommend contacting us as early on as possible. We will understand what kind of situation you are in, the kind of challenges you face, and more, coming up with a plan you can follow to enjoy home ownership!
Shannon Christenot is a mortgage company offering various loan options from FHA to VA and more to meet any financial needs. If you are looking for home loans in Los Angeles, get prequalified today and contact them at (818) 601-2231!