Own Your Dream Home
Ivette Manners
Now that you and your fiancé have chosen each other as the person you will spend the rest of your lives with, it’s on to the next big decision – where will you spend the rest of your lives? Buying a home is a great investment, and it doesn’t have to be as scary as it sounds. If you become familiar with the mortgage process and prep yourself with carefully thought-out plans, you and your hubby will be well on your way to owning that dream house.
Purchasing a home is a smart financial and personal choice. As a homeowner, you’ll be entitled to several tax deductions, and that means a significant amount of money saved at the end of each year. Also, owning property will raise your equity and net worth. Here, Long Island Weddingpages gives you the lowdown on what you need to know before you put any money down on your first home together.
The first thing you need to decide on with your new husband is what type of home you want to buy and where you want it to be. Are you looking for a condo, co-op, or house? How many bedrooms and bathrooms do you want? Do you want a large backyard or den? How long do you think you will be living there? There is a whole list of simple questions you need to ask yourselves. Don’t just think of the present, think long term. How many children do you plan on having? Finding out what school district the property is in is important. Consider the transportation and shopping areas you want to be close to. You want to be completely in love with your home and neighborhood because ideally, you will be living there for the next several years. You’ll want to be happy with your decision when you write out that check for your mortgage each month.
Next, get your finances in order. Both you and your husband-to-be should request copies of your credit reports. Make sure that all the items listed are accurate. You may want to speak with a financial advisor on what you can do to establish and maintain a good credit history. Also, discuss with your real estate broker (once you’ve chosen one you like) what types of loans and programs you may qualify for. Many banks offer first-time homebuyers incentives like better interest rates. Now, go over the funds you have available for your down payment and closing costs. You’ll most likely receive a lot of money as wedding gifts, which you will want to use towards the purchase of your home. Discuss this with your mortgage broker. Once you decide on how much you will be putting down, calculate what your expenses will be after you move in. You won’t want to use all of your money for the purchase. It’s smart to keep a nice cushion in the bank in case of emergencies like having to replace plumbing, or even for something like buying a new dishwasher or living room furniture. Most importantly, make sure you can afford to comfortably pay your mortgage each month, as well as the utilities, home maintenance, and other monthly expenses.
It’s important to get to know everyone involved with the purchase of your new home. You’ll want to work as a team with your real estate and mortgage brokers. They are there to take you through the entire process, advocate for you, and answer any questions. A good real estate broker will tell you about the neighborhoods you are interested in, advise you on what to look for in a home, help you structure your deal, recommend a real estate attorney, and be the main point-person between you, the seller, and the lending bank. You’ll want a lender who has a good reputation within the industry and with your brokers, one that you feel comfortable dealing with, and one you feel is offering you the best deal and programs. Also, don’t be shy to ask who is handling the deed, property taxes, etc
Do your homework when it comes to purchasing your first home. Make sure you understand all the terminology and latest financial situations. Buying a home is a big job, but it’s well worth the work
and effort.