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  • Writer's pictureRebecca Richardson - Mortgage Consultant

Homebuying Made Easier

I’ve gathered a few tips that can make even the most daunting part of purchasing a home that much easier. These suggestions might be unfamiliar to you, but it’s always worth considering all options!



Buy the Ugly House

Sick of competing in a tough housing market? Consider this instead: buy the ugly house.


Before you click away, let me explain. It’s no secret that housing inventory is low, which means that competition for existing homes can be fierce when a great home goes up for sale. However, have you considered that this doesn’t always apply to the “less-cute” houses?


Since these homes might need updating or even some repairs, a lot of buyers tend to pass right by these listings, thus keeping them on the market longer. Don’t be too quick to judge them, however, because you may be able to get it for a lower sales price or even have the seller cover your closing costs. By readjusting your expectations and with a little bit of elbow grease (or even a rehab loan) you can take a fixer-upper and turn it into your dream home.


How to Get the Best Mortgage Rate

When you’re buying a home, you’re making a major financial decision. Getting a mortgage with the bet interest rate can save you thousands of dollars in the long run, but with so many available options, how can you be sure you’re finding the best mortgage rates? Here are my tips:

  1. Improve your credit score - A higher credit score can help you qualify for lower interest rates, so it's important to monitor your credit and fix any errors or make necessary improvements.

  2. Shop your loan - Don’t settle for the first lender you find. Make sure you know how to compare both rates and fees, and balance that with a lender who’s known for great service and on-time closings.

  3. Choose the right mortgage type - There are several types of mortgages available, each with different pros and cons to factor into your decision. Consider your financial goals and consult with a lender to determine which option best fits your needs.

  4. Choose a shorter loan term - While most people opt for a 30-year loan, choosing a shorter term like a 15-year loan can help you secure a better interest rate and save thousands in interest over the life of the loan.

  5. Lock in your rate - Once you’ve found the best mortgage rate, lock it in to avoid any potential rate increases before you close on the loan.

Remember, staying informed about interest rates and the housing market is crucial when applying for a mortgage. While I don’t recommend trying to time the market, keep an eye on those rates and make a move when the time is right!


Buy with a Friend

Do you and your best friend share everything? If you’re already the type to share clothes, make-up, and more, why not a home? It might sound a little far-fetched, but if you’re finding it difficult to buy a home on your own, why not consider buying one with your BFF?


I’ve recently noticed this trend among my clients: buying home with the help of their friends. By pooling their resources, they’re sometimes able to buy when they wouldn’t be able to do it on their own.


It’s important to have open and honest communication about expectations and responsibilities before going into such an arrangement, of course. Some conversations you might want to have, for example, are:


- Factoring a roommate’s rent payments into their budget

- Getting a gift for the down payment from a friend

- Buying together so they can qualify for a higher sales price


While it might not be for everyone, it’s certainly an option to consider. Let me know if this is something you’d try or not!


If you have any additional questions about the first steps towards buying your home (and how to make the process easier), feel free to reach out to a member of my team!

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