Buying your first home as a couple

After you get married, one of the first goals of every new couple is to buy their own home.  Sometimes the timeline is already set and the couple starts saving even before the wedding.  Sometimes, it is just a goal in mind for the road ahead with no set plans in motion yet.  Either way, if you and your new spouse will be buying your first home together, here are some useful tips to help make the purchase process go a little easier.

Make a Wish List

You need to first determine what you need and want.  Have a predetermined list of features that you must have, and ones that you can compromise on.  Examine your lifestyle and budget priorities.  Know ahead of time if you want a condo, house, detached, semi-detached or what type of home you want.  This decision has as much to do with personal preference as it does with expense.

Get Qualified

You need to find out what kind of mortgage you can afford before you start looking.  Do not leave this until the end and find yourselves scrambling for financing.  Understand what your parameters are before you look for a home.

The Down Payment

How much of a down payment can you afford?  Depending on what the interest rate is at the time of your purchase, you might be able to spend more than you thought.  Do not spend all you have saved on your down, as you will incur extra costs throughout the process such as closing and legal fees, and you will always need emergency funds on hand.  The standard down is about 25% of the value of a home, but some lendors will allow you to pay as little as 5 percent through insured mortgage funds.

Pre-Approval

Once you have considered how much to use for your down, you next need to go to a lendor and see about getting qualified.  Based on information such as your income, debt and assets, you will get a pre-approved mortgage and an interest rate commitment for a length of time.  Once you get a pre-approval, you can confidently negotiate the purchase of a home and start looking.  It serves as a no-cost, no obligation deal that will let you know before you go house hunting how much you can afford to spend.

Find the Right Agent

This is going to be the next most important aspect of househunting.  When you know where you want to live, finding an agent in that area is your next step.  Agents are on top of the market in terms of listings, sales, and pricing in your area.  You need to find someone you are comfortable with, and has your interests at heart.  If you don’t have a good feeling with them, look around. And you can always rely on word of mouth and referrals to find an agent who will work with you in finding your dream home.

These are just the first steps in buying your first home, but they are the most important.  Take these now, and when it comes to crossing the threshold in your first new home together, it will be worry free.