So many emotions come with buying your new home; excitement, anxiety, confusion, relief are all emotions you’re very likely to experience in the process. But do not worry, we’ve simplified things for you so you’ll feel a little less worry and a little more relief.

1. Buy what you can afford

Are you in debt? Is your job long term? Is your income steady?  Is your family still growing? These are good questions to ask yourself because you want to buy what you can afford but you also want to look toward the future and buy a home you can grow with. Everything costs money and we know you can’t predict the future but organizing cost predictions, fees and saving can help tremendously. Be sure to consider all financial factors before buying a home.

2. Credit Score

We all know having a good credit score can help tremendously when it comes to lowering rates and approval for loans. It’s important to know the significance of your credit score and alsohow to raise your credit score. Your credit score directly affects your mortgage rates. Someone with a higher credit score will have lower mortgage rates. 

3. Pre-qualify/ Pre-approve

To get pre-qualified it’s a good idea to reach out to your mortgage lender. Once you provide your lender with an overview of your finances, income, and debts they will be able to get an estimate on a loan amount. This estimate is useful when it comes to buying what you can afford. Pre-approval is a little different then pre-qualifying; when getting approved your lender will run a hard credit check to determine if you are eligible to receive a loan and how much. 

4. Longevity 

Buying a home is an investment so you need to think long term. Consider your career path and family. You want to live somewhere and live a lifestyle that is convenient for you and your family. Consider schools, local shops and restaurants when finding your community. It’s always a good idea to explore the area prior to moving to get a feel for the community and area. 

5. The House

Let’s not forget the most important part…the house. When purchasing a home it’s important to consider growth. Is your family still growing? Is there enough space to host guests? Do you want an in-law suite? Consider all that you want your home to have and be sure to include your wants when calculating expenses. You want a house that you can continue to grow into, not grow out of. Look to the future while still considering the present. It’s more than just a house, this will be a home where you make all the best memories so invest in your vision!