Homebuying Is a RollercoasterAugust 21, 2017
How to survive the ups and downs
– Buying a home can be an emotional rollercoaster. Our homes are the place we live and raise our families so they represent more than just a financial investment. However, the financial investment is itself fraught with emotions: the sense of security and the equity you’ll build provides the highs, while the paperwork and complexity of the transaction provide the lows.
It’s important that through all the ups and downs of the homebuying process, you keep a level head. Feelings of anxiety, doubt and fatigue may leave you vulnerable to making hasty decisions or compromising your needs. Apply logic, common sense and follow these guidelines to achieve a more balanced homebuying journey.
Get your money in order
Before you find a real estate agent or start house hunting, get a clear picture of your financial situation. Pay down debt and find out your credit rating. Know how much you can afford. Decide how much you can invest in a down payment. Getting preapproved for a mortgage helps determine your price range, reducing time wasted looking at homes you can’t afford.
It’s the Boy Scout motto, and it should be yours too. The better prepared you are, the less stressed you’ll be when asked for paperwork and other information required to obtain a loan and make an offer. Also, expect the unexpected. It’s natural for changes to make you anxious — but delays, hiccups and requests for additional information are often quite normal and no reason to panic. Stay calm and reach out to your real estate agent, loan processor or other trusted advisor for more information. Assemble a dream team
Assemble a dream team
First, choose your mortgage lender. You’ll also be choosing your loan officer, loan processor and underwriter. Look for a lender like PeoplesBank, where your loan officer, along with your real estate agent, will support and guide you through the mortgage process. Then find a reputable real estate agent. Ask people you trust if they would recommend someone, or if you’re new to a city, ask the agent to provide references.
Then find a reputable real estate agent. Ask people you trust if they would recommend someone, or if you’re new to a city, ask the agent to provide references.Know what you want
Know what you want
Create a homebuyer profile that outlines your wants and needs by making a list of what’s important to you. Ask yourself questions like:
- How long do I see myself living in my new home?
- What style of home would work best for me (single-family, condo, townhome)?
- What part of town would I like to live in?
- Would I like something move-in ready or would a fixer-upper suffice?
Identifying your “must-haves” before you start looking makes the decision-making process easier — especially if you’re buying the home with your spouse or partner.
The more you know, the more fun the ride will be as you search for and finance your new home. Visit PeoplesBank for more information on mortgages and homebuying.
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