An exciting chapter in a newlywed’s life is finding their dream house to start a family. However, the process can be tricky, especially if it’s your first time shopping for a home. We’ve compiled several tips to help couples acquire a newlywed home.
7 Effective Tips for Newlyweds
- Improve your credit score. To successfully get a loan for a lovely house, you need to have a higher credit score. Work on improving your credit score several months before you apply for a loan. It can be a slow and a bit complex process, but with the help of a licensed mortgage company, you can get your loan approved easily.
- Get rid of any outstanding debt. When you send a mortgage application, the lender will check your total debt against your income. Total debts include all kinds of debt, from student loans to car loans. Lenders are wary of applicants who are already in high debt, so you might not qualify. If you don’t want to be in a scenario like this, pay off your old debts first to improve your credit score.
- Learn how to save for your new home. Some couples will spend an amount of $5,000 to $10,000 on their house even in the first year. It is advisable that you’ll save an amount within that range to ensure that you’ll not be in debt just to pay the balance. Save money every month so that you’ll not fall behind on your payments.
- Make an effective budget, and stick to it. Developing and following a budget will help you manage finances effectively. List down all the required payments and cut unnecessary expenses. Monitor where your money is to be spent and discipline yourself to stick to the budget.
- Find the right real estate agent. As newlyweds, you may also be first-time homebuyers, so it’s only natural to have many questions about the home buying process or about the requirements needed for a loan application. This is why finding a punctual and responsive agent is crucial. In case there is no follow-up or response from your agent after several weeks or months, you should find a new one. Working with the right agent can help ensure you find your dream house without unnecessary hassle.
- Determine what you’re looking for. As a couple, you should compile the details of the house you’re looking for, and you should both agree with it. Separate the non-negotiables from the nice-to-haves. Include in the list the elements you want to be prioritized. Compare houses to get ideas of home styles that you prefer. When the list is ready, share it with your real estate agent so that they can do some more specific searches.
- Don’t rush. It’s not an easy matter to fix when you pick the wrong house. This is why it is advisable to take your time to check and choose the home that you truly like. It should be in the neighborhood you want to live in, and you need to picture yourself living in it for many years. Be patient, cautious, and persistent in finding the right place for you and the family you’ll build.
Buy a Home in Michigan with Mortgage City
A happy home will be the sanctuary of love, commitment, and dreams for the whole family. As a newlywed, you may not be knowledgeable enough on the entire process of buying a house. But you don’t need to rush yourselves. Make your house hunting a really worthwhile experience.
Our goal is to provide an easy home loan process to people who would like to be happy homeowners in Royal Oak, MI. At Mortgage City, you can get the best deal when buying a new house. Feel free to call (248) 930-8709. Our loan officer will be happy to assist you!
