Buying a Home is Both Fun and Stressful
It has been said that getting married – having a baby – and buying a home are three of the most stressful times of anybody’s life. Today, as my wife and I celebrate our anniversary, we were reflecting on our first year together where we did all three. Our path to home ownership was not an easy one, but I can tell you it has all been worth it. There are certainly highs and lows of the home buying process so we wanted to cover some of the things you can expect to help you better prepare for the roller coaster ride to home ownership.
For many people, the thought of owning a home has been a dream of theirs for years. The “what-ifs” can creep into our mind and keep people from even trying. Achieving the American Dream is wonderful for most families yet the thoughts of a 20- or 30-year mortgage can be nerve racking. It is hard to predict where life will take us next week, much less decades into the future.
One thing that is certain, however. You will have to pay somebody for a place to live. The real question then is do you want to pay a bank while establishing equity into something that is yours or pay a landlord and help to pay their mortgage.
The Highs and Lows of Choosing a Home
Deciding that it is time to buy a home is the first step of the journey. You need to move because your house it too small (or too big), it’s too old, you are done with renting, or you just want to be in a different neighborhood. It is freeing to think about leaving your less than perfect situation to reach for a new dream home.
Then you hit the stress of seeing the all the options to choose from. How does one decide? After days, or weeks, or for some people months, you finally choose the right home. You likely put a deposit down and signed some paperwork to reserve your home. Hurrah! You are thrilled to know what your dream home is going to be! Many people celebrate the day they chose their new home.
Then everyone wakes up the next morning to find “buyer’s remorse” waiting for them. It is something everyone goes through with any big purchase as you ask yourself “did I buy the right house, choose the right options, have the best location,” and whatever else comes into your mind. Since you spent so much time making the choice, you probably did choose correctly, but that doesn’t stop the wondering for most folks. Just know this is a normal response and often, after you think about how carefully you made your decision in the first place, this low only last a little while.
The Highs and Lows of the Loan Application
The application part of the process is one of those intimidating times you will face during your journey. Even folks with perfect credit dread the approval process when applying for a home loan. If you’re like I was 9 years ago, it’s even scarier with not so perfect credit and minimal job history. The good news is that the lenders we work with don’t just come back and say “no.”
You see, we always ask for loan terms that would be the best you can hope for. If we submit for loan terms that do not work for the lenders, then they will come back and say, “No, but here’s what will work.” More than anything, this part of the process is about taking that first step to develop a road map to owning your own home.
What if you can’t make the loan happen? It is actually not as bad as you would think. You are much further along than before because now you know exactly what steps you need to take to make your dream happen. Most people find then can get a loan in just 1-2 years if they take those necessary steps. That means you just need to wait a little longer for your dream home…but you can still plan for it!
I got denied from a lender my first time, and to be perfectly honest, it stung a bit. I needed better credit and a two-year work history since I was in commission sales. After the sting wore off, I reached out to the loan office and discussed steps I could take to put our family in a position to buy a home within a year. At Braustin we work with a national non-profit to help guide families with programs like credit counseling so if owning a home is something you truly want – our team will help you get there even if you’re not approved at first.
The day the bank calls with a yes to your home loan is the emotional peak at this point in your journey. Everything starts to seem so real and for the first time, you can see you and your family living your dream. If you let it, the list of items the bank requests on the approval can sap away some of your joy.
Yes the bank will ask for a number of things to prove items that were put on the application, but with the Braustin home buying app and our team there to guide you all through it, it will go much smoother than you may think when first looking at the list. You’ve worked hard to get to this point, and you should enjoy it.
The closing day is when you sign all the bank papers and is another emotional high in your journey. Whether you choose to do this in person or over the phone, there is just something about signing that stack of papers and making it official that allows you to start seeing the finish line.
All of the excitement and moving parts at this stage can seem to make time move slower, but just hang in there. So many things have to happen to make this all come together at the closing. The factory has to build the home, the site prep has to be completed and often times we are waiting on local municipalities to provide access to utilities. This part can be a bit frustrating as many of the items are things we do not have direct control over. We do our best to provide realistic timelines up front so we’re all on the same page and although we don’t have control over everything, we do have control of our communication. Our team will keep you updated every step of the way.
Before you know it, delivery day comes, and you’ll be overjoyed to see our team spotting your brand-new home onto your property. This will be the most exciting point up until now and you’ll finally be able to see firsthand the results of all your hard work.
It is important to keep in mind that there is still a lot of work to be done once your home is delivered, and a few more steps to complete before you can move in. Sometimes seeing your home at your property and knowing that you’re this close to moving in can cause some frustrations if you don’t know what to anticipate next. Our team does will break down what to expect and the timelines in which it will all take place. They will keep you posted with regular updates either in your home buying app or another form of communication you prefer.
Once your home has been completed on site and all utilities connected the time finally comes to move in. This will be the pinnacle of excitement for you and your family and there is nothing quite like your family’s first meal inside of your brand-new home.
Buying a home is a fun, scary, exciting emotional roller coaster that your family will be so glad you went through when its all said and done. More than just selling you a home, our team is there to walk you through every step of the way and make sure you know what to expect throughout your journey.
If you and your family are ready to take that first step, we hope you will reach out to us and give our team the opportunity to be your home builder.