Buying your first home is an exciting time for many young people and couples, but it can also be a stressful and uncertain period.
If you’re planning on buying a home in the near future, here are a few factors you should consider based on your time frame.
Buying a Home Within 5 Years
If you know you are going to be buying a home within the next five years, the first thing you should do is to start saving your money.
Traditionally, down payments on homes can vary between 5% and 20% of the overall home price, so decide how much you can afford and set up automatic transfers to a separate account.
Buying a Home Within 1 Year
After 4 years of saving, homeowners need to look at their funds and decide if they have saved enough for a down payment. If you have the 5-20% mentioned earlier, feel free to keep reading!
Buying a home will most likely require a lawyer to handle the change of ownership and municipal documents, so homeowners should start looking into local lawyers to handle their purchase.
Buying a Home Within 6 Months
The time to buy a home is drawing nearer, but there are still many things to do before you can choose your home sweet home.
Consider getting pre-approved for your mortgage at Encompass Credit Union to know what you can afford. Our mortgage specialists can help determine which rates will work best for you and your lifestyle.
Buying a Home Now!
The time for buying your home as come! The next step is to reach out to the realtor of your dream home and put your offer on the property.
Your offer to the sellers should contain several provisions, including:
- Subject to Financing – your financial institution will need to give financial approval on your mortgage
- Subject to a House Inspection – a certified home inspector can advise you of any unexpected and necessary repairs.
Once these steps are complete, you will be well on your way to buying your first home!
Buying a home is often the largest purchase people make in their lives, but it doesn’t have to be a stressful situation. Give our financial experts a call today at 1-780-842-3391 or visit us online to learn more about our mortgage provisioning services.