“It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” — Donald Trump
Have you been debating applying for a mortgage? Are you ready to get your first place?
Many of my friends have been telling me about how they want to be homeowners. It’s a very intoxicating feeling to want to buy a place. You can tell your friends that you have your own place and you can host parties. It’s tempting to want to buy a place as soon as you start working and making money.
What should you do if you’re debating looking for a mortgage?
Before you apply for any fixed rate home loans, you need to ensure that you have enough money saved. This is the money critical step because home ownership is not cheap by any means. Some of the expenses that you need to consider are:
- Closing fees.
- Moving costs.
- Lawyer fees.
- Furnishing up your place.
- Getting out of a current lease.
- Increased consumption.
- New mortgage.
And I’m sure that there’s much more to consider. So before you even look for a mortgage to see what you can get pre-approved for, please consider all of the other fees involved here. Then you’ll see what’s really in store for you.
If you’re not ready yet, there’s no shame in waiting. You do NOT have to buy a home. It’s not an axiom. You can wait.
What if you believe that you’re ready for a home?
Now you have to get serious. If you feel that home ownership is right for you, it’s time to start saving money and looking.
Where should you look for a home?
- Think about where you want to live.
- How much money are you willing to spend?
- Check out new condo developments.
- Look around your current community.
I wish you the best of luck in your hunt for your first home. It won’t be easy, but it’s definitely going to be exciting. You’ll fall in love many times, and you’ll second guess yourself. When the time is right and the finances add up, you’ll eventually find your dream home. Good luck to you!
Are you ready to apply for a mortgage in your 20s? This can be one of the most important decisions of your life. I don’t mean to scare you, but this is very important. We’re talking about thousands of dollars, tying up your life savings, and be limited in what you do. You’re going to make mortgage payments over your head that you have to make.