Tue, 19 Jul 2016 by Steve Klein Custom Builder
One of the biggest dreams of a newlywed couple is purchasing a home together. This is a major financial endeavor that is probably the biggest investments they will make as a couple. As you and your spouse begin looking at new homes in Victoria TX, here’s a guide to what every newlywed couple should know about buying a home.
- Evaluate your financial condition – Before saying “I do” your finances were probably separate from your spouse. But now that you are married it is important to think and act as one. As a couple you should access your debts from credit cards, previous home purchases, vehicles, as well as any outstanding debt from your wedding and or honeymoon.
- Find out what your credit score is – Your credit scores are one of the determining factors of what your mortgage rate will be. The higher your credit score the lower your interest rate will be and vice versa. It’s important to know what your credit score is before meeting with a mortgage lender.
- Improve your debts – By evaluating your financial condition and knowing what your credit score is, you will know what needs to be fixed, have time to repair your credit, pay off your debts (or at least lower them), and help you save toward buying your new home.
- What are your five year goals? – Where do you see yourself in five years? Do you plan on changing jobs, furthering your education, or starting a family? Do you plan on moving out of the area anytime soon? Or do you see yourself living in the same area? By jointly answering these questions you will help to determine if buying a home is right for you as a couple, help to determine how much you feel comfortable spending on a home, and the community you should buy in.
- What is on your new home wish list? – You and your spouse may have vastly different expectations of what you want in a new home? You may love a traditional home while your spouse may like a more modern home with all the upgrades. Jointly create a list of the must have features you want in a home as well as what you would like but wouldn’t necessarily cause you to step away from a home.
- Get pre-approved for a home loan – This will help real estate agents, sellers, and home builders know that you are a serious buyer. You also will know how much you guys can afford and help you both avoid falling in love with a home that is realistically out of budget.
Throughout the home buying journey it is important to work together and take into account each other’s wants, needs, and feelings. Communicate effectively and be open and honest with each other. Steve Klein Custom Builder is a premier builder who offers an array of new homes in Victoria Tx perfect for couples and growing families.