#25 The Goal of Buying a Home
No matter how you look at it,
it’s a big goal!
We typically talk about the financial reasons and logistics of why and
how to buy a home. But the emotional reasons are also very powerful and
compelling! The sense of stability and
pride of accomplishment are very positive effects of this big goal! Feel
free to soak that part in too.
Some look for a home in which to start a family, some to expand the
family. And, in an old tradition that
seems to be re-emerging, some plan to extend the family, by needing additional
space to care for elders. The expansion
of your family may include a new puppy or kitten and the need for a yard and
the ability to have them in your house without anyone else’s permission. Adult children may consider returning home to
raise children close to grandparents and put their children in their ideal
school district. Perhaps you are a
motivated and ambitious young adult about to leave your parent’s residence and
start your financial profile by purchasing your first home.
Still others may want to buy a
home, make improvements, watch the marketplace, then sell and buy a “move up”
home!
There is also the wonderful feeling of being able to make any
renovations or updates that you wish. Want to paint the walls the new 2018
color of the year, Ultra Violet? Or install that new wall treatment you saw on
Pinterest -- maybe even knock down a wall? You go right ahead, because it’s
Your home!
There are many reasons that people set the goal of buying a house: a first home, a growing family, an extended
family and various other reasons. In any of those situations, keep the specific need
in mind.
Is the time right for you to pursue a home purchase? If so, then what should you do first? It is best to connect with a residential
Lender first. How do you find the right
“fit?” Referrals from sources you can
trust -- such as close acquaintances, who have had good experiences -- is the
best place to start.
Don’t make assumptions on whether or not you are ready to meet this goal
of buying your own home. Some people think there is just no way they are ready because they don’t have enough money saved, they
don’t have enough credit established, they are not old enough or they are too
old!
Others think that they are
ready because they have money saved up, but it’s not in a bank. They also feel
that the way they are paid will work for a lender, when it won’t; or they
thought they had good credit but it turns out there are old things still
creeping around. Whichever your situation, know that you have to start the process
and find out what it is, through the eyes of a lender. Sometimes, you are ready
to go right away. Sometimes you need
help in putting together your plan so that you will be ready -- hopefully, in the
near future. A good residential lender will work with you to make your dream
happen.
It’s important to work with a
residential Lender with whom you can clearly communicate your end goals. The loan you seek has to be a good fit for
your current and long term needs.
An initial meeting, with a residential
mortgage Lender, will help you clarify if the time is right! Maybe your Credit profile shows some
troubling patterns. If so, your Lender
can help you with a plan to remedy the problems and get that information in
better shape. Your history of managing
debt is of great importance as well, and will influence whether you are “loan
worthy.”
The goal of buying a home is
a good one – and it’s achievable! So, don’t get discouraged – get the guidance
of a qualified team!
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