If you’re here, that means you’re probably on the prowl for a new home. Before you do that, you need a mortgage. Before you do that, you need to know how much you can afford. Before you do that …
Look, there’s a lot of moving pieces involved in buying a home, and that’s what usually intimidates people to the point of procrastinating for years or staying out the real estate game all together.
Whoops, referring to real estate as a game probably isn’t helping.
It’s an event. A circumstance. A hurdle.
And the best way to get past your fears?
1. Embrace the Event
When sea captains and fishermen encounter storms, one of the best ways to avoid long lasting damage is to turn into the turmoil rather than trying to outrun it. Again, that’s probably not the best analogy, but if you believe hunting for a mortgage is going to be clear skies and smooth sailing the entire time, you’re probably a bit misguided.
There’s going to be stress. Why? Because it’s a big decision! Where and how you live is an event you get to steer. There will be questions and information you need to find that will dominate a lot of your time, so embrace the challenge head on.
2. Get Advice
One of the best ways to embrace mortgage hunting is by asking people for advice. Parents, friends, family members - these are all great sources of information that can share their stories.
Just make sure you search for negative reviews as well as positive ones. Like we said, it’s not always going to be clear sailing, so the more you’re prepared for the hassles ahead of time, the less those hassles will block your resolve to get this thing done.
3. Picture the Future
We talk a lot on the blog about living your life in the moment. If we’re always caught with one eye on the future, it’s pretty unlikely we’ll ever get there. Saving money and keeping track of your finances and building a financial profile takes a lot of time.
When it comes to house hunting and securing a mortgage, however, timelines shrink. The tribulations you’ll face when you’re qualifying for a mortgage and signing documents and searching for a house will be over in the blink of an eye.
So, put yourself in future you’s shoes. What does that new home look like? How much are you paying each month? What does your payment structure look like? If you have a clear vision for how you want to live your life, then you’ll be able to hunt for a mortgage with a clear set of numbers in mind.
After you’ve got those numbers set you can start picturing yourself in a new home. In a new neighbourhood. In a new life.
That doesn’t seem so intimidating, does it?