HOMEBUYING TIPS
Getting into the Homebuying Headspace
Many of us dream of owning a home, but when we try to get started – looking at listings, researching interest rates, and seeing all of the steps involved – it is normal to feel a bit bewildered. But as with any life goal, a bit of planning can make a world of difference. By doing some detective work, you’ll feel confident and prepared to take those steps towards home ownership. Here are some common hurdles many house-shoppers face when starting out, and some tips for tackling them.
Feel like you need a new dictionary? Learn the mortgage lingo.
Mortgage documents come with their own complicated array of legal terminology, and learning what all of those terms mean can feel like learning a new language. Taking a few moments to review Tandia’s Mortgage Glossary is a great way to brush up on the terminology you will see throughout your mortgage journey.
Need a housing market reality-check? Do some critical thinking.
Make a list of your wants and needs for a home – from the space you will need, to the areas you would like (or wouldn’t like) to live in, along with what you expect you may be able to afford - and then put on that research hat. Review current interest rates and look at listings so you have a sense of housing prices and payments you can expect. Although dreaming big is great, it is important to have a realistic idea of your plan and what to expect before meeting with a lender to start the actual pre-approval process.
Break the decision paralysis – book that meeting!
Once you are ready to take action, it’s time for the next milestone in your adventure: meeting with your Tandia advisor to start discussing the mortgage pre-approval process. During a pre-approval, an advisor will check your credit and verify your financial information in detail. If successfully pre-approved, the advisor will then make a firm approval, committing to finance your home purchase, giving you a clear understanding of how much home you can afford and what rate to expect. Having a financial advisor walk you through this is less daunting than you may expect – they will advise what documents and details to gather and will go over current offers and mortgage details to consider. Once completed, with your pre-approval documents in hand, you’ll know exactly how much home you can afford so you can get to the fun part – working with a realtor to find that dream home!
