SPOKANE, Wash. \u2014 Many first-time homebuyers rush into the process without proper planning. The most critical step is getting pre-approved for a mortgage before house hunting.<\/p>\n
“Going through that pre-approval process will show you what sort of guidelines you need to stick to, what sort of home you can afford, and a good mortgage lender will walk you through the process and make sure you feel very, very comfortable with that,” said Barin Saxton, a financial expert at Canopy Credit Union.<\/p>\n
Don’t purchase a home without considering whether you’ll stay there for several years. Moving within a year or two results in significant financial losses. “Ask yourself, how long am I going to live here? What are my plans going forward for the next however many years I’m planning on living here? And is that truly going to suit my needs or am I going to have to move within a year or two?” Saxton said.<\/p>\n
Don’t use your entire savings for the down payment. Without emergency reserves, unexpected repairs become financial disasters. “If we have that safety net to rely on when things go wrong, if our plumbing breaks and we have a really expensive repair bill or if we lose our job or get a different job that maybe doesn’t pay as much, having that safety net to cover three to six months while we get back on our feet is really essential,” Saxton said.<\/p>\n
Closing costs are often overlooked but must be paid at closing. On a $300,000 home, expect $6,000 to $18,000. “Most of the time, closing costs have to be paid with your down payments. And this is usually 2-6% of your purchase price. So don’t forget that that is an expense you will have to cover,” Saxton said.<\/p>\n
A professional home inspection identifies needed repairs and helps you budget accordingly.<\/p>\n
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