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Deciding you’re ready to buy a house is a big moment in your life, whether it’s a first time purchase or you’re snatching up yet another investment property. The home buying process is fraught with dangers, both real and imagined, as well as very real financial risks.
It’s the little things that really matter sometimes. The cherry on top of a sundae, the light scent of gardenia on a warm spring breeze and a mortgage that’s assumable are each all about the details, and are sometimes overlooked by people who are in a hurry to get from Point A to Point B. But that assumable mortgage may make your home more competitive if you’re a seller or save you a bundle if you’re a buyer.
You should never judge a book by its cover, or a house by what you can see during a showing. Not only are showings about seeing yourself in a space, rather than assessing a home’s structural stability and system functionality, they’re generally too brief to really get to the nitty gritty. No Realtor is going to wait around while you crawl through the attic.
You’ve finally found the home of your dreams. It’s perfect, the price is right, the neighborhood is wonderful (and walkable!) and it has some really awesome appliances. But when you go to your final walk-through, you’re shocked to discover that those awesome appliances have been removed, with absolutely no clue left as to their current whereabouts. Well, that certainly can’t stand! Where are the appliances?
Buying a house is a confusing process. Not only is there a lot of material to process, you really have to do a lot of introspection to find the house that’s right for you and your family. It’s about more than just ceiling treatments and square footage, there’s something else, too.
When that rent check leaves your hand every month (or, more likely, you click the button on the website), you feel a little lighter in the wallet and a bit more empty inside. Every month, that money goes into your landlord’s pocket, pays down their principal, helps them increase their net worth and you get what? A roof over your head that hasn’t been updated since the Reagan administration and neighbors that seem to not realize that while their band is lovely, 2 am is not the time to crank it up to 11.
Oh, sweet mortgage! You’re just a few mental jumps away from applying for a loan that’ll get you out of the apartment life forever and into a home of your own. Before you darken a lender’s doorstep, virtual or otherwise, you should really put a little effort into polishing your financial profile. After all, the better you look to your lender, the better odds you’ll have of getting a mortgage that you’re not just ok with, but pretty freaking pleased about.
From the moment you started thinking about buying a house, you knew you’d need to start saving. Even though you have a 401(k) that you can use for your down payment, you still have to cover your closing costs and have a little extra put back in case something goes sideways on you right away. Unexpected home repairs are terrifying when there’s nothing in the bank and no home equity to draw from yet.
Another month, another rent payment that’s helping your landlord pay off the house or apartment where you’re living. Another month, another rent day spent pondering just how much equity you could have paid down on your own house by now. So, why not you? Why not now? Sure, buying a house can be complicated and intimidating, but your mortgage professional and Realtor will be there every step to help.