Home Buying Tips for the Newly Engaged
Did the love of your life recently pop The Question? Or maybe an engagement is just around the corner? This very exciting life step also comes with the unique challenge of navigating your finances together. Search the web and you’ll find an overwhelming list of articles on how to prepare for the big day, but planning for a bigger investment – your new home – doesn’t have to be complicated! Enjoy the happiness of starting your life together and let us simplify the steps to your home purchase.
Communicate, communicate, communicate
If you’re getting ready to share your life with someone, an honest discussion about finances is an important starting point. Some topics you may want to cover include credit history, current debt balances and payments, budget expectations, separate versus joint bank accounts, and future plans regarding family, career, and retirement goals. Being open with each other about your finances – good and bad – will only make the home buying process smoother.
Discuss the home buying plan
With a potential home purchase, make sure you’re chatting about the right things! Consider your current housing expenses and what a comfortable new payment would be. Does just one of you or do both of you want to take out the home loan? Discuss the timeline of when you’d like to be moved in, whether that’s before or after tying the knot. While you’re in this planning stage, one of our local Loan Officers would be happy to educate you on the home buying process and what to expect.
Get pre-approved by a trusted lender
Now that you’ve discussed the basics with each other, it’s time to get pre-approved! You can apply online in as little as 20 minutes. Getting your free pre-approval will tell you what purchase price you qualify for, what a monthly payment looks like, and more. Understanding things like down payment options and closing costs will enable you to budget for wedding, honeymoon, and other upcoming expenses. Find out more about the pre-approval process here.
Save, don’t splurge
Saving for the costs of marriage should be a priority, especially if you’re in the market for a new home. If you splurge on pricey goods and services, you’re more likely to rack up debt and the hefty monthly payments that go along with it. Furthermore, increasing debt can hurt credit scores and hinder loan qualification – ask a local Loan Officer to learn more. Avoid these potential problems by saving wisely, splurging rarely, and keeping your finances in order leading up to the big day and beyond.
Even in the midst of the whirlwind that is wedding planning, buying a home together is more than possible! With honest communication, smart money management, and guidance from local mortgage professionals, you can celebrate your engagement and find the home of your dreams.