When we think about buying a house, we often focus on the steps we need to take during the actual process.
How many times do we meet with our lender?
What paperwork will I be filing?
What about counteroffers?
It’s easy to forget that there is a to-do list you need to be completing before and after you close.
So today, I’m going to break down 3 things you need to do before you start your home buying journey.
And, 3 things you need to do once you close and are ready to move in.
3 Things To Do Before Buying a House
Have a budget and understand what’s comfortable for you.
Once you have your budget defined, communicate it with your lender so they can create a sales price and loan strategy accordingly.
Have an emergency fund.
Unexpected things happen when closing on a home which can delay the process. It’s important to have a 3-6 month reserve to ensure you are covered for the first few mortgage payments, moving fees, and other closing costs.
Get preapproved early.
When you’re preapproved, you come across as a confident and ready buyer who knows what they want. A bank has confirmed your financial eligibility to purchase a home so your lender can develop your mortgage plan as soon as you start working together.
3 Things To Do After You Close
It’s easy to think that when you close your home, you’re at the finish line.
But in reality, there are still a few missing pieces to put in place.
Filing paperwork with your county and state.
If your state reduces your taxes because you’re a senior or veteran or this is your primary home, it’s important to file the necessary paperwork with your county or state for your tax break.
Leaving this to the last minute can mean risking your eligibility and paying more money on your mortgage.
Talk with your financial advisor or insurance agent.
When you buy a home, it’s a major change for your bookkeeping with a shift in your debts and assets.
Keeping your financial advisor and insurance agent updated along the way will make it easier for everyone to keep track of your money and calculate taxes.
Set up auto-pay for your mortgage payment.
Missing a mortgage payment can have a big impact on your credit score. When you set up auto-pay, you’re ensuring on-time payments that take human error out of the process.
Knowing what to expect before, during, and after you buy your next home can ensure a smooth and stress-free process. If you’re ready to learn more about your personal mortgage journey, based on your unique situation and preferences, you can send me an email here: (rebecca.richardson@wyndhamcapital.com)