Valley Real Estate

First Time Buyers: Setting up a Budget

First Time Buyers: Budget

What is my budget or what is a budget? If you are not sure what the budget means to you as a first time home buyer that does not mean it’s not time to buy a house. It may mean you just need to talk with a family member or someone who is successful at managing their budget and let them teach you how to do it on your own so you can enjoy whatever you purchase in your life instead of living under a burden.

Just because someone has a lot of new things, boats, houses, etc it does not always mean they are the ones to talk to as they may be up to their eyes in debt. Some banks have financial advisors you can speak to as well to help you begin to set your own budget.

The next to step is to ask your realtor for a list of mortgage companies to consider. Also ask your parents, grandparents or, if you are comfortable, even your boss

Find out who they have there mortgage with and make an appointment to get pre-qualified for your new home loan.

 

3 Comments

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  • My husband and I are getting ready to buy our first home together next spring. I like what you’re saying about budgeting smartly. I think it’s easy to get caught up in the idea of having a new home. Many try to live beyond their means. But all that means is all your money is going into your monthly payment and you have no “fun fund”. Great post.

  • I think this post is very helpful. It encourages a buyer to speak with those who they trust as well as professionals who can advise and guide them. Receiving the $8000.00 tax credit will also help! Thanks for the information!

  • It is a very smart idea to budget before beginning to look for a new home. Obviously too many people got in over their heads and caused the crash of the real estate and financial markets. By budgeting ahead of time, you can forgo the need to get a loan modification kit or debt loan in case of financial difficulty in the future.

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