Found that special someone, eh? Ready to take that next step and let them see you without the makeup on? Well, on behalf of Compass Credit Union, we think that’s just swell! Congratulations! And let’s not waste anytime as we get onto the boring adult stuff: it’s time to talk about your mortgage.
Buying a new home is one of those fun things that can go south real fast. Take our advice, identify your goals before you begin, create a plan of how you want to accomplish them, be ready to change your plan when (not if) life happens, and find people you can trust to help guide you through the process.
Here are some helpful ideas to move you in the right direction:
- Determine how much you can spend. Before you even start shopping, budget, budget, budget to find out what you can afford. If your significant other is a her, then you’ll probably find that she’s going to be a little more expensive than you initially planned for. If that other one is a him, then you should know that he’s going to be A LOT more expensive than you ever imagined. Leave room in your budget to be surprised because it’s going to happen. Tip: use an online mortgage calculator to figure out your budget.
- Decide what kind of home is right for you? This will be different for everyone. Do you want a fixer upper? Do you just want something you can live in and not have to worry about? Most people are trying to find a place that they can grow into and one day enjoy as a family.
- Figure out where you want to live. Talk about this before you get married… If she wants downtown sky-rise and he wants small town rural, you might have a problem. But overall, keep that old adage in mind—real estate value is all about location, location, location. Find a home in a place that will add value over time just because people want to be there.
- Who’s name will be on the loan? Maybe the answer isn’t as obvious as you think. If you already own your home and your significant other is moving in, then ask if it makes sense to refinance with both names on the mortgage. Why? Well, most mortgage rates are influenced by who is on the account. If you can show additional household income by putting both names on the mortgage note, then you might want to think about refinancing and getting a better rate.
- Work with people you can trust. The most important thing is probably finding a couple of voices who you trust to guide you through the process. It helps to have someone who can help you find what to buy, like a family friend or a good real estate agent, and you’ll also likely need someone to help you buy it, like a solid mortgage expert.
Above all, find that special someone, develop your goals TOGETHER, and pursue those goals relentlessly. Whenever you need help along the way, your friends at Compass are here to help. Final tip: it’s a smart move to pick out your mortgage officer before you get too far in the process. They can help you get pre-approved, which will make everything go more smoothly. Call us today to see what we can offer.