Whether you are currently renting, living with family, or you own and you are ready to upgrade or move to a new area, there are SO many factors to consider. Am I an expert in this field? Absolutely not, however, I have a few tips that I love to share with my family and friends, as a 32 year old woman that has owned 3 homes (ones of which we are currently building). Did you know that until 1974 we couldn’t even get a credit card alone, let alone buy a house. The fact that home buying for women wasn’t even an option until the 70’s makes me shudder. SO, how can we prepare for the home buying process?
Know your bottom line. Create a budget for your family, not for the house. You should work a monthly payment around your life, not your life around your mortgage. I highly recommend using a family budgeting template and getting clear on what you are really making and spending. Take everything into account. From utilities, savings, and the dollar bin at Target. It all matters. Search “Google Sheets Budget” and find lots of great templates to fit your needs.
2. Get an idea of what your real budget is from a professional. Find a Realtor and mortgage lender that you can TRUST to give you honest opinions. You might be shocked to learn that you can get approved for a lot more than you actually want to spend to actually enjoy life outside of your home. We don’t want to do that.
3. Use a website like MortgageCalculators.info to plug your own numbers in. Interest rates, closing costs and fees will always vary, but having a general idea of what you are looking at can alleviate a whole lot of stress when it comes time to apply for a mortgage or put an offer on a house. Things to think about include: what is my debt to income ratio and what does a potential monthly mortgage payment even look like?
Buying a house is so much more than finding a house in this crazy market and having an offer accepted. Arming ourselves with information is essential, especially as women (hello, we couldn’t even get a mortgage without a spouse or parents consent until 1975). I have spoken to professionals and left feeling stupid and totally exposed as a FRAUD of an adult 😂 . How can we combat that imposter syndrome? GO IN ARMED WITH KNOWLEDGE (and a big old dose of feminist energy that refuses to let anyone talk down to you).
Oh and remember, we have budgeting classes and upcoming personal finance classes for our Insiders! xoxo