This Valentine’s Day, more and more couples are planning to get their first home and start settling down. Getting your own place as a couple is not only romantic, but also fulfilling.
Although buying your first home can be a little overwhelming, it gets extra worth it when you do it with a partner, right? So getting your first home as a couple is a sure exciting task because planning together this Valentine’s Day will make your bond even stronger. So here are some tips to help couples buy their first home.
Start building your credit score now. If you don’t have any yet, open up a credit card for casual use and remember to pay them on time. A high credit score will help you qualify for a mortgage and a low-interest rate on your first home purchase.
Pay off any outstanding debt because it is going to be counted against the amount of money you can borrow. You may not be approved or qualified for a loan if your debt is too high.
First-time homebuyers have a lot of expenses to think about such as moving costs, utilities, furniture, taxes, title insurance, and maintenance, etc. so save at least $10k for these unexpected costs.
An FDIC member account with high yield rates on interest is great! Make sure to get an account where you can keep your funds easy to access so anytime your dream home pops on the market, you are always ready.
Working with a professional housing counselor will help you review your housing spending plan and inform you about programs.
Making a budget is not enough– you have to keep it, too! Review your spending plan and make choices to reduce expenses.