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Tips for Newlyweds When Shopping for a New Home

Tips for Newlyweds When Shopping for a New Home

As a soon to be bride, you probably spend so much time planning your wedding. You might watch videos, scroll through Pinterest boards and search for various tips. You have probably been so caught up doing these things, that you haven’t taken the time to think about your dream home and where you are going to live after your wedding.

We have some tips that newlyweds should consider when shopping for their first home.

Tip #1

Don’t wait until you have found your house to speak with a loan officer, when you go to look at houses with your realtor, they need to know what price range to look in. If you speak with a loan officer before starting the house search, you and your realtor will know the loan amount you are able to get approved for and make the search much more effective. This is called getting pre-approved.

In a hot market, like we are in now, most sellers will want to know that you are pre-approved before they entertain your offer. This is because the seller probably already has other offers that have been accompanied by pre-approval letters.

Contacting a mortgage loan officer before you start the home buying process will allow you to get a pre-approval and move through the loan process faster. At Weber Mortgage, we have a Concierge program that allows us to continue to move you through the loan process while you are house shopping with your realtor. This means less work when you do pick your dream home!

Tip #2

Don’t assume that you need a 20% down payment to buy your home. This is a common myth amongst many first-time home buyers. The average down payment is 3-5% on most loans. For example, if you buy a $200,000 house, you don’t need $40,000 down. More like $6,000-$10,000 down.

Tip #3

Have more money set aside than just the down payment. There are more upfront costs of buying a house, than just the down payment. You never want to drain your bank account with the down payment. Also, underwriters look at available cash when it comes to the approval process.

Final Tip

Be careful with your credit. Your current credit score and spending habits are an important part of the home approval process. Avoid things like making major purchases on credit right before you apply and avoid any missed payments whether it is on a car, student loans or any credit account that you have.

These are just a few tips we recommend when planning to purchase to your first home together as newlyweds. If you are looking to purchase a new home, call Weber Mortgage.