inception-app-prod/MTM5NzJkNDctNmY0Yy00MDI5LWFkYmQtYzFjMTIyOGM0OWEy/content/2021/06/WMIHTStackedNoTagline300dpi.png
  • Hot Listings
  • Areas guide
    • Area Communities
    • Things to-do
    • Neighborhoods
    • Area Activities
    • Indoor Fun Spots
  • Insights 4 You (Blog)
  • About us
    • Our company
    • Agent Ann
    • GR Joe
    • Success stories
    • Recommended lenders
    • Finding a lender
  • Contact
  • Comforts of Home
inception-app-prod/MTM5NzJkNDctNmY0Yy00MDI5LWFkYmQtYzFjMTIyOGM0OWEy/content/2021/06/Joe Ann Instagram Sq.jpg
6163286990
movehappily@wmihometeam.com
Sign In
Sign Up
inception-app-prod/MTM5NzJkNDctNmY0Yy00MDI5LWFkYmQtYzFjMTIyOGM0OWEy/content/2021/06/WMIHTStackedNoTagline300dpi.png
  • Hot Listings
  • Areas guide
    • Area Communities
    • Things to-do
    • Neighborhoods
    • Area Activities
    • Indoor Fun Spots
  • Insights 4 You (Blog)
  • About us
    • Our company
    • Agent Ann
    • GR Joe
    • Success stories
    • Recommended lenders
    • Finding a lender
  • Contact
  • Comforts of Home
inception-app-prod/MTM5NzJkNDctNmY0Yy00MDI5LWFkYmQtYzFjMTIyOGM0OWEy/content/2021/06/WMIHTStackedNoTagline300dpi.png
inception-app-prod/ODEyNGZlMDMtNWI2YS00NDIzLTg3YWUtZWQxMDZjZmQ3OWUx/content/2019/12/featuredimage-20.png

How To Manage Stress When Dealing With Home Financing

inception-app-prod/MTM5NzJkNDctNmY0Yy00MDI5LWFkYmQtYzFjMTIyOGM0OWEy/content/2021/06/Joe Ann Instagram Sq.jpg
WMI Home Team ,01/30/2022

One excellent way to improve your financial profile is to buy a home of your own. But we won’t sugarcoat it: It can be a long and potentially stressful process in a market where buyers are more plentiful than inventory.  When it comes to the dollars and cents of securing a mortgage loan, lean on your trusted Realtor® for sage advice and their trusted team to make it as smooth as possible for you.  

The process can seem overwhelming, but it doesn't need to be.  If you take a few steps upfront to manage the financial details early, you’ll thank yourself on moving day.

Get pre-approved for a mortgage

You’ll have to submit documents that show your:

  • income and expenses
  • tax returns
  • bank statements
  • paystubs

A mortgage pre-approval is much more involved than its lighter cousin, the mortgage pre-qualification.
A pre-approval will help you understand exactly how your new home will fit into your finances and whether you can even afford the house you’re currently touring. Some buyers make the mistake of getting pre-qualified for a mortgage, making an offer on a house they love – and then discovering once they submit all their paperwork that they can’t actually get a loan for that amount.

Pick the best mortgage for your situation

All mortgages will help you buy a home, but not all mortgages are created equal when it comes to your own personal financial profile.

  • If you know you’re only going to be in your current city for two or three more years before pursuing a career change elsewhere, for example, then maybe a 30-year fixed-rate mortgage is the wrong choice for you.
  • You could build more equity in a shorter period of time with a 15-year mortgage, and an adjustable-rate mortgage might give you a more competitive rate for the time you’ll be in the home.
  • Conversely, if you are planning on digging in and staying for a while, then a 30-year fixed-rate mortgage might be exactly what you need.

Save as much as you can

Even if you’re securing a low-down-payment or no-down-payment mortgage, you should still expect some out-of-pocket costs that you’ll have to shoulder before you can start paying a mortgage instead of rent.
Depending on the sales contract, buyers will likely have to pay for the appraiser and the inspector to look at the house and (respectively) appraise and inspect it. A seller might request earnest money in order to accept an offer, so buyers will have to provide that.

  • Necessary repairs to the house might be taken on by the buyer in order to expedite the sale, so that’s another possible expense to consider.
  • There are closing costs that need to be paid to the title company upon closing, and purchasing title insurance to protect the sale is an additional expense, too. 
  • Remember the cost of moving too – you’ll need time off work and a truck at minimum, or to hire your own movers. Then once you move in, you might need to pick up some furniture or other items for your new space.

Research before you offer

If you’ve found a home that could be yours and you’re ready to make a offer, stop and think before you decide on a number.

A good real estate agent can explain your local market trends and help you come up with an offer that works with your budget and will be seen as serious and competitive by the seller.  Agents can show you whether houses in the area have been selling for below or above the asking price and can help you find that sweet spot where both you and the seller are happy with the deal.

Print Details
Previous post
Next post
How To Market A Luxury Home
4 Ways Pets Influence Home Buying Decisions

OFFICE ADDRESS

Annalise Woudwyk
401 Hall Street SWGrand Rapids
Michigan 49503

16163127990

ann@agent-ann.com

Essentials

  • What you should know when selling a house
  • Where would you like to live?

Explore our communities

  • Area Communities
  • Things to-do
  • Let’s talk. Call 616-328-6990
  • Neighborhoods

Consumer Protection & Privacy

  • Accessibility
  • DMCA Compliance
inception-app-prod/MTM5NzJkNDctNmY0Yy00MDI5LWFkYmQtYzFjMTIyOGM0OWEy/content/2021/07/IHeartGRRealEstate_White1%282%29.png

© 2022 All rights reserved

Created with Placester

Sign in

Sign In
Forgot your password?
Create an account
You have been successfully logged in
The page will reload automatically.
Go to the homepage
Sorry something went wrong
Login or password are incorrect. Please try again.
Try again

Sign Up

Sign Up
Already a User? Sign In
You have been successfully registered
Please check your email.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Reset password

Enter your email address

Reset password
Return to Log In
Reset password email has been sent.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Change password

Change password
Sign Up
Your password has been successfully reset.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

News You Can Use

Tips, insights and value is what we put out to you. #spamfree
Send
Sweet!
We look forward to sharing helpful insights with you!!
Back to homepage
Oops! Error occurred.
Please try again.
Back to form
Already a User? Sign In

Account verification in progress

Please wait...

Account Verified!
You may now log in into your account
Go to the homepage
Verify your email address
In order to log in to your account, you need to confirm your email address. Please check your inbox!
Go to the homepage

Share this listing

Copy Link