So you’re moving in together? A guide for first-time home buyers

Moving in with a significant other is a huge step, especially if you will both be responsible for the mortgage. You want to make sure you are ready and prepared before you start the home buying process. Here are a few steps to consider before applying for home loans!

Check out the market
Take plenty of time to check out the market for the area in which you are looking to buy. If the area you are looking at is above your price range, consider a less pricey location with all of your other requirements or be prepared to sacrifice a few things on your “must-have” list.

first time home buyers

Lay it all out on the table
Now is not the time to be shy about your credit score or savings account. Buying a home together is a lot of joint responsibility. You don’t want to be surprised at your co-applicants credit score (or financial habits) once you are sitting down at the bank. Have the tough conversations now so both people are aware of the exact situation.

Use online tools
Now that you’ve figured out what you want and what you have, plug the numbers into an online mortgage calculator to see if your income can cover the payments. This way, you can see what you can actually afford before you go asking for a big mortgage.

Think about the extras
Mortgage payments are only one part of buying a home. There are closing costs, renovations, new furniture and landscaping to think about. What about moving trucks? All of these so-called “little things” can add up fast.

Talk to more than one bank
You may trust and love your bank, but see what else is out there? By comparing rates and terms from various home loans lenders, you can see exactly what is available to you and can make a responsible decision from there.

Buying a home together is a big step. Make sure you do your homework and stay one step ahead when applying for home loans. Especially if you are applying for California home loans, you will want to make sure you review the guidelines and regulations to the loans. Not only will lenders take you more seriously, but you will avoid a lot of headache and mistakes on your end. There are lots of resources out there to help you plan and make the best decision before buying a home, so use them to your advantage!

Above all, enjoy the process of buying your first home. Congratulations!

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