It’s time to get fit on your finances and beat other buyers on the race to homeownership
Saving more can help you buy faster, but you’ll still be limited by this “magical” number
There are homes out there that you think you can probably afford and some that you just know you definitely can’t. But where exactly is the line that separates them?
You’ve decided you want to buy a home. Maybe your family is growing, you got a big raise, or you just want more space. Once you have decided you want to buy, you probably ask, “Where do I start?” or, “How does a real estate transaction work?”. You are not alone. The majority of home buyers really have no idea how the process works. It’s not something you do more than a few times usually in your life.
Meet the Slingluff Family
Seattle is a top destination for millennials and job seekers in the United States. With 236 people moving to Seattle daily, based on the Puget Sound Regional Council report, finding the right area that fits your lifestyle is essential. For many, commute times, parking costs, gas, and tolls can be a big determining factor in where you live.
Buying a home is expensive and it’s especially hard right now for millennials. This is the first generation that must carry the financial burden of student loans and new bills associated with new technologies that previous generations never had to worry about.
Finding your home can be a daunting task. Depending on the market you are looking at, it can be overwhelming and discouraging. If homes are on market for short periods of time, it can be difficult to feel as though you are doing the right amount of due diligence before making an offer.
The real estate market is hot out there, especially if you are in Seattle or San Francisco. It’s not rare for home buyers to miss out on buying their dream home because they didn’t make an offer fast enough. Even worse, there are horror stories of buyers waving inspections, and paying thousands of dollars over the asking price just to buy a home they “sort of” like.
Finding a loan that works for you is just as important as finding the right home. There are many different types of loans available, each with their own set of benefits and drawbacks, but the most popular loans are 30-year-fixed, 15-year-fixed and the 5/1 ARM. Understanding the differences and aligning the right loan with home ownership goals and plans will ensure you are setting yourself up for the best investment possible.