Home buying can be one of the most stressful processes you’ll ever go through. You’re on a time crunch, you have thousands of dollars on the line, and you’re dealing with dozens of vendors, reams of paperwork and, of course, just the struggles of everyday living.
Fortunately, there are ways to alleviate the stress and make your home purchase a smoother ride.
Want help easing your home buying process? Here’s how to make it happen.
Have the right support system.
Creating the right support system is crucial if you want a stress-free home buying experience. This includes in your personal life (your spouse, kids, colleagues, and extended family who might be helping you throughout your purchase) as well as in your home buying relationships. Take great care in choosing your real estate agent, your lender, your loan officer and anyone else you do business within the process. Make sure that they’ll be there when you need them and that they have the knowledge and skills to guide your purchase successfully.
Get your ducks in a row first.
Applying for a mortgage is one of the most stressful and time-consuming parts of buying a home — and it’s one that requires lots of paperwork and financial documentation. To help reduce stress levels during the mortgage process, go ahead and get your documents organized before starting the home search.
Pull things like:
- Your last two tax returns
- Two recent pay stubs
- W2s, 1099s, and any other income statements you might have
- Bank and savings account statements
- 401K and retirement account statements
- Gift letters explaining any gift money from friends or family
- Copies of your last year of rent checks
- Proof of any alimony, child support, or spousal support income
You can also be sure your employer is ready to receive and complete your employment verification form. If you have traditional employment, this will be a key part of your mortgage application process.
Communicate early and often.
Things can get really stressful if you’re up against deadlines, so stay in touch with your vendors often. Make sure you know your option period and inspection window and ask your agent if you have any questions regarding these steps. Talk with your loan officer about any outstanding documentation they might need, and work to resolve these requests quickly to prevent any delays to closing. If anything, aim to check in with each of your vendors at least once or twice a week to keep your expectations on track.
Make sure you have the right numbers.
Money always causes stress, so make sure you’re well aware of everything you’ll owe before ever diving in. Once you find the house you want to purchase, you’ll need cash for your earnest money deposit and option fees. At closing, you’ll have closing costs (about 2 to 5% of the home’s price), as well as your down payment.
Make sure you think about long-term costs, too. You’ll have your new mortgage payment, the costs of any maintenance or home repairs, your utilities and, if you decide not to use an escrow account, your HOA dues, property taxes, and home insurance costs. Prevent any money-related stress by having a good grasp on the bigger financial picture of your home purchase.
Get pre-approved first.
Getting pre-approved for your mortgage can help immensely in reducing stress during your home purchase. For one, it gives you a solid price range in which to be shopping, thereby cutting down on any financial-related stress from the get-go. It also gives you a leg up on other buyers (hello, fewer bidding wars) and makes your final mortgage application process easier and more efficient. All of this means a faster and less stressful home buying process on the whole.
Choose Your Vendors Wisely
The right mortgage lender and loan officer can alleviate much of your home buying stress. Want to make sure your purchase is in the right hands? Contact Embrace Home Loans today. We’ll take the weight off your shoulders.