I am in the process of becoming a 1st-time homeowner. I’ve been approved for a mortgage with a great fixed interest rate; because I’m getting a chunk of equity I won’t have to come up with a down payment; and I don’t even have to pay closing costs. Plus my mortgage payment will be very affordable. I got a great deal.
The decision to buy a home for the first time is a big one and once it is made the focus is usually on getting the paperwork and financials together to be able to apply for a loan. Applying for a mortgage itself is a bit of an intimidating prospect. And when we get approved for a loan our main focus is on what the monthly payment will be. But in reality, the mortgage is just the tip of the iceberg.
Owning a home for the first time will require an entirely new set of priorities that I have literally never faced before. Perhaps the most important thing will be to expect and be prepared for the unexpected costs associated with owning a home. There will be no super to call when the roof leaks, or the basement floods or the plumbing has a problem. I will have to have the funds on hand, know who to call when I have a problem and how much I should reasonably expect a service to cost. I will also have to be financially prepared for the things I should expect, such as property taxes, garbage and sewer fees, water and insurance.
Still, it’s a challenge I am excited about and I can’t wait to get the keys and step into the pride of home ownership!