Coming Home to a Home
Once you have joined together as husband and wife, where do you call home? Do you rent an apartment and share your new lives together with sometimes hundreds of other close neighbors? Or do you come home to your very own house where you start building a lifetime investment together?
There are many things you need to be aware of as you begin thinking about your new home together. One of the most common mistakes couples make is to buy a new car before considering a new house. It is much easier to buy a car after you buy a house because of the mortgage lending rules involving monthly debt payments. Any major purchases made on credit can affect a couple’s “buying power”.
It doesn’t hurt to have a discussion with a mortgage lender as early as possible, even if you are not getting married for a year or more. The things you do leading up to your vows will make a big difference in what your housing plans are afterwards. There are first-time homebuyer programs that allow you to buy with little cash of your own. VA loans allow you to get into a home for no money down.
Knowledgeable realtors can work with you and your lender to negotiate seller paid concessions for your down payment and closing costs. FHA even allows couples to establish accounts allowing friends and family to contribute to in order to help the newlyweds obtain their new house.
This can even be done over the telephone to make the initial discussion simpler. An expert mortgage lender can analyze your particular circumstances within fifteen minutes, and figure out the best plan of action for you to get into the most home with the least cost.
Information needed for a rewarding discussion of your home financing possibilities:
- Gross Monthly Income Figures
- Funds Already Available for a Home
- Social Security Numbers
- Present Addresses for a Credit Bureau Report
In fifteen minutes or less, you will have a clear idea of how much home you can buy, and how much cash it will take up front, and the monthly requirement thereafter.
Once you have a “financial roadmap” of how much house you can buy, and under which loan program you qualify, you can then talk to a realtor about what type of house you want and where you want it to be. The realtor can then help you find available homes that meet your needs, some not even listed for sale. With your financing already in place, your lender can provide your realtor with a letter stating that you already qualify for the financing required when your offer is presented to the seller’s agent. This will make your offer that much stronger, particularly if yours is not the only offer on the table!
In summary, it is never too early to have a discussion with a lender. It is also possible to purchase a home together even before you do take your vows. Having a knowledgeable lender and realtor working for you will help you to a beautiful beginning together. That is the feeling you want when you are Coming Home!