{"id":21657,"date":"2020-03-04T17:45:19","date_gmt":"2020-03-04T17:45:19","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=21657"},"modified":"2020-03-04T17:45:19","modified_gmt":"2020-03-04T17:45:19","slug":"helpful-tips-for-affording-your-first-home","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/helpful-tips-for-affording-your-first-home\/","title":{"rendered":"Helpful Tips for Affording Your First Home"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span>Few things in life are quite as gratifying as making the jump from renter to homeowner. Being handed the keys to your first home is among the most important steps on the path to adulthood and will fill you with a tremendous sense of accomplishment. However, since homes are typically the most expensive purchases people make in their lifetimes, saving up for one\u2019s first house and getting approved for a mortgage loan requires work. Fortunately, provided you\u2019re armed with the proper tips, the home buying process can be considerably less stressful.<\/span><\/p>\n<h2><b>Take Care of Existing Debt\u00a0<\/b><\/h2>\n<p><span>You\u2019d be hard-pressed to find a mortgage lender who\u2019s willing to take a chance on applicants with massive amounts of outstanding debt. While it\u2019s true that the vast majority of Americans live with some level of debt, being saddled with a considerable amount of it won\u2019t help your chances of mortgage approval. With this in mind, make an effort to pay down \u2013 or pay off \u2013 any outstanding debt before you start submitting mortgage applications. This may mean having to postpone the purchase of your first home, but patience in this matter can help <\/span><a href=\"https:\/\/www.benzinga.com\/general\/education\/19\/07\/14152953\/5-tips-for-mortgage-approval\"><span>improve your overall credit<\/span><\/a><span> and be a boon to your chances of approval.\u00a0<\/span><\/p>\n<p><span>If you absolutely can\u2019t wait to start submitting mortgage applications, consider reaching out to close friends or family members who can afford to give you a loan. The sooner your debt is reduced, the sooner you can start seeking out lenders. However, before entering into this kind of arrangement, make sure the repayment terms are fully understood by every party involved. No matter how important homeownership is to you, it shouldn\u2019t come at the expense of important relationships.\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><b>Postpone Large Purchases\u00a0<\/b><\/h2>\n<p><span>To maximize your chances of mortgage approval, it\u2019s recommended that you postpone any large purchases in the lead-up to your application being submitted. Since lenders generally don\u2019t look favorably upon existing debt, you\u2019d be wise to avoid accumulating additional debt while your application is under review. So, if you suddenly find yourself in need of a new car, television, computer or heavy-duty appliance, consider how badly you actually need the item in the short term. If the item in question is absolutely essential, do <\/span><i><span>not <\/span><\/i><span>buy it on credit. Alternatively, if it\u2019s something you can wait on, hold off on making the purchase until after your application has been approved.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><b>Avoid Leaving Your Job\u00a0<\/b><\/h2>\n<p><span>In addition to viewing outstanding debt as a red flag, many lenders are wary of giving mortgages to <\/span><a href=\"https:\/\/www.moneycrashers.com\/getting-approved-mortgage-loan\/\"><span>applicants who lack gainful employment<\/span><\/a><span>. A mortgage is a tremendous responsibility \u2013 one that will be with you for most of your life. Unless you\u2019re independently wealthy or have an enormous amount in savings, you\u2019ll need a job in order to honor your monthly mortgage obligations. As such, submitting a mortgage application when you\u2019re between jobs is unlikely to work out in your favor. Unless you\u2019re unbearably miserable with your current career, it\u2019s in your best interest to stick it out until a decision has been reached regarding your application. Of course, this isn\u2019t to say that you should remain in a completely untenable or outright abusive situation.\u00a0<\/span><\/p>\n<h2><b>Stick to Mortgages You Can Comfortably Afford\u00a0<\/b><\/h2>\n<p><span>There\u2019s nothing wrong with striving to afford the home of your dreams. However, depending on how much money you make and what part of the country you hail from, your dream home may be financially out of your reach. Unfortunately, in spite of having insufficient finances, many people take on mortgages they simply can\u2019t afford. Not only can an exorbitant mortgage drain your personal finances, it also stands to negatively impact your credit. If you\u2019re consistently delinquent with your mortgage payments, your credit is likely to suffer, and you may ultimately find yourself facing foreclosure. No home is worth this level of hassle, so when exploring mortgage options, stick to ones you can comfortably afford. Furthermore, determine how much you\u2019ll pay in property taxes and <\/span><a href=\"https:\/\/www.ahs.com\/home-matters\/real-estate\/what-first-time-homeowners-need-to-know-about-filing-taxes\/\"><span>educate yourself on homeowner exemption<\/span><\/a><span> before accepting a mortgage loan.\u00a0<\/span><\/p>\n<p><span>Nothing quite compares to the satisfaction you\u2019ll feel when moving into your first home. For many adults, purchasing a home represents the culmination of years of hard work and smart saving. While owning a home can fill you with a sense of pride and accomplishment, the actual home buying process can be difficult to navigate. First-time home buyers looking to take the hassle out of finding their ideal residence should put the previously discussed pointers to good use.\u00a0\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Few things in life are quite as gratifying as making the jump from renter to homeowner. Being handed the keys to your first home is among the most important steps on the path to adulthood and will fill you with<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/helpful-tips-for-affording-your-first-home\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":21658,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[7,11,13],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2020\/03\/Capture-3.png","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/helpful_tips_for_affording_your_first_home","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/21657"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=21657"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/21657\/revisions"}],"predecessor-version":[{"id":21659,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/21657\/revisions\/21659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/21658"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=21657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=21657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=21657"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=21657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}