Getting ready to purchase a home? Whether or not this is your first rodeo, you are embarking on a journey that is going to involve a lot of hard work, planning, and coordinating.
But buying a home does not need to be a stressful experience. Let’s go over some things that you can do to ensure that it goes as smoothly as possible.
8 Ways to Make Buying a Home Less Stressful
- Plan ahead. You might already have a move-in date planned, and you might not have a lot of flexibility in your schedule. But in case you do have some flexibility, consider giving yourself extra time to plan the home buying process. When you give yourself more time, you can take a more relaxed pace. Plus, if you make mistakes or if there are any unexpected snags along the way, they won’t be nearly as disruptive to your timetable. Just giving yourself that extra time might help to prevent issues. But it will also make those that you cannot avoid easier to deal with. Get pre-approved. Getting pre-approved as soon as possible is your first best way to plan and budget for your new home purchase. Your pre-approval includes pulling your credit and gives you all the credit information you need to make sure you are ready to buy and take care of any credit surprises that might arise. Do not mistake the credit scores you receive through your bank and credit cards with the same score that will show on your mortgage credit report. Each uses a different credit model and pulling your mortgage credit report will show you the rates and pricing available to you with your credit profile and exactly what the underwriter will be using in your qualification. Your pre-approval will also review your income and savings to make sure you meet all the qualifications and let you know how much you can afford. Any supplemental or variable income such as a second job, commission, bonus, or other incentive pay will be reviewed to make sure it can be used to qualify you for the loan you want.
- Make sure you fully understand your budget. Do you know where all your money goes every month? If you do not keep a detailed budget, you may be making assumptions that are incorrect about your finances. You also may not be aware of areas where you might be able to save money. If you can save in those areas, you can improve your DTI ratio and free up more money to purchase a home. When your budget is a mystery to you, it makes your finances confusing and hard to manage. That makes it stressful to try and choose a property to purchase. But when you have a clear understanding of your financial situation, it is easier and less stressful to identify a home you can afford and an appropriate mortgage.
- Educate yourself about the mortgage process. The mortgage process can be a confusing one at first, even if you have purchased a home at some point in the past. But if this is your first home purchase, it may seem especially complex. Learning as much as you can before you embark on the process can help you to simplify it, prevent mistakes, and keep up with every step of the process so that you can close quickly on a new home. Trying to learn all about the mortgage process on your own can be challenging, however. So, it is good to get a mortgage company on your side that will take the time to walk you through it. Blue Square Mortgage answers questions every day from borrowers at all stages of the mortgage process. We work hard to educate borrowers upfront as much as possible. That way before you even begin the loan process, you know what to expect. Just having that clarity can alleviate any anxiety you might have.
- Set priorities for what you want in a home. One thing you can do to make the process of shopping for a homeless stressful is to set clear expectations in advance for what you want and need. It is important to recognize the difference between wants and needs when it comes to home features. All too often, we think that the things we want in a home are equivalent to the things we need, and we may be stressed out trying to find all of them under one roof. We also may be stressed when we realize that trying to get all of those things will stretch our budget or break it. So, you should try, and group wants and needs differently, and prioritize in each column before you start shopping for a home. You will then be able to more quickly and easily narrow down your options and find a home that will provide you with everything that you truly need to be happy. Hopefully, it will check off a few boxes in your “wants” column as well.
Buy a Home Now with Blue Square Mortgage’s Easy, Stress-Free Process
You are closer than you think to move into your dream home, and the entire process can be a lot smoother, simpler, and stress-free than you imagine.
Are you ready to buy a home now? Contact Blue Square Mortgage at (206) 352-6453 to schedule your home loan consultation in Washington.