What are your next steps after your home buying offer is accepted? Here’s what you need to do before closing day!
Entering the housing market can come with a lot of home buying stress. It’s common to feel anxious about your finances, mortgage options, housing requirements, and everything in between. However, organization and discipline can go a long way. Here are five suggestions for reducing stress during the buying experience!
Make sure buying is the right move
Before you do anything else, you should be certain that purchasing a home is the right decision for you. Sometimes, people feel pressured into buying a house when they are not ready for it, or it is not something they truly want. This can lead to all sorts of financial and emotional upsets. So, take a moment to think about why you are entering the housing market. There are many reasons people choose to buy, but the key is making sure you’re doing it for yourself. For example, the desire to build equity, settle down in one area, or own your own space are all good reasons for wanting to buy a home. This won’t necessarily make the process any easier, but it will reduce some of the home buying stress to know you are in it for the right reasons.
Do lots of research
You will work with several mortgage and real estate professionals throughout the buying experience, which we will discuss later on. This means you certainly don’t have to be an expert on the housing market as a buyer! The best part about taking advantage of professional guidance is the support you will receive. However, it’s still important for you to take the time to do some research yourself. There are lots of things to consider, and the more information you can bring to your broker or real estate agent, the better they can help you.
You should think about what kind of property you want to purchase, and what requirements it must meet. If you have any thoughts on location or budget, these are handy items to have in your mind as well. It’s also worthwhile to think about how big you want your down payment to be, and what your current savings strategy looks like. You don’t have to have everything figured out, but anything you can consider ahead of time will be helpful.
Stay within your budget
At some point fairly early in the process, you will have established your purchasing budget. To reduce home buying stress, we recommend treating your budget as a hard rule and not just a suggestion. A large number of home buyers go past their budget because they don’t keep careful track of their expenses, or they don’t think exceeding their budget is that risky. Unfortunately, overspending can pose major financial issues if it affects your ability to make mortgage payments or cover other expenses. There will likely be times when you are tempted to forget your budget, but do your best to stick to it as closely as possible. This will ensure that you are buying a property you can truly afford.
Start organizing your documents
Depending on your situation, your broker will tell you what documents and information they need from you to help set up your mortgage. However, there are some standard documents that you will almost certainly need to provide. You can get a head start by collecting that information now! This includes items such as proof of income and employment, your credit score, pay stubs, T4s, and information about any existing debts you have. You should keep this information together where you can easily access it when required. This will save you time and a stressful rush to get this information together later on.
Get professional help
As we mentioned above, using professionals is a critical part of reducing home buying stress. Brokers and real estate agents in particular are valuable resources who will work closely with you throughout this experience. These experts will provide you with guidance and advice to help you secure the right home and mortgage product. They will assist you with finding properties to view, submitting offers, securing a mortgage, and everything in between. Brokers and agents know all the ins and outs of the mortgage and housing industries, making them key players on your team.
Reducing home buying stress can sometimes be tricky. After all, purchasing a home is a big leap! The good news is there are steps you can take to help alleviate any anxieties you may have. Plus, you can reach out to your mortgage broker early in the process to ensure you are on the right track. This is the best way to keep yourself organized for a successful buying experience.
If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770, or contact us here.