*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
One of the best things a borrower can do before searching for a house is to budget. How do you know where to begin? Is it smart to just throw a number out there that you feel comfortable with and go with it? Is it smart to focus more on a monthly payment? Is it better to skip the budget thing all together and just look for a big house that fits your "vibe" or "aesthetic"?
Let's knock one of these answers out right off the bat. Do not focus solely on homes that fit your "vibe" or "aesthetic" without setting a budget first. Budget, then vibe. I know that Instagram would tell you to spend every last dollar you have so that you can keep up with all of your influencer friends, but trust me, budgeting will save you a ton of headache later on. Plus, who knows, maybe you can get the best of both worlds and find a home that is within your budget, as well as satisfying the aesthetics you were looking for.
One of the best ways that you get an idea of a realistic budget is by contacting a loan officer, like myself. By borrowers answering a few questions, loan officers can tell you how much money you'd qualify for, and what your options are for monthly payments. This information can be extremely helpful when it comes to setting a budget.
Once you receive that information, think about what you'd be comfortable with spending, and revisit the loan officer if needed. Best case scenario, the borrower feels comfortable with the price range that they qualify for, and starts searching for available houses within that budget. Before you know it, you'll be contacting your loan officer again to sort out the financing to purchase the house.
In order for the purchase of a home to go as smoothly as possible, setting a budget is an important first step. Contact me today for any help or questions you might have.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
Comentarios