Being a newlywed is an exciting time in your life filled with a lot of milestones. If you are ready to purchase your first home with your spouse, you have quite a few factors to consider. Today we would like to offer valuable advice for newlyweds pursuing the path of homeownership.

Do You Want to Expand Your Family?

Look, we know that people are pressuring you to have kids, but we really don’t care about that. However, if you do want to have kids, the type of home you decide to purchase could be drastically different than that of people commonly referred to as DINKS (dual income, no kids).

If you and your spouse have no desire to have kids, you can live in a much smaller space. However, if you want a dog, it might be a good idea to have a home with a fenced-in yard. If kids are not in your future, your options expand because you don’t have to worry about living in a decent school district. If you want to live in the center of the action, you could reside in a condo in the city.

For those of you who want kids, you’ll probably need a larger home in a family-friendly neighborhood. Of course, you want your family to remain as safe as possible, so some neighborhoods might be out of the question.

Down Payment

When purchasing a home, you’ll have to make a sizeable down payment. Ideally, most lenders prefer a down payment that is 20 percent of the home’s value. With a 20 percent down payment, you’re more likely to be approved for a loan and you’ll earn a better mortgage rate.Other benefits include lower upfront fees and lower monthly fees.

That said, some couples simply cannot produce a 20 percent down payment, but that doesn’t mean that they can’t obtain a loan. You can put as little as 3.5 percent of a down payment towards the purchase of your home. However, you may have to purchase mortgage insurance, which involves an upfront fee and monthly payments as well.

Find an Excellent Real Estate Agent

Couples will need help finding a home, and that’s where real estate agents come in. With so many real estate agents out there, you might not even know where to begin. Start by asking your homeowner friends who their real estate agents were. They should be able to point you in the right direction.

In some cases, real estate agents could negotiate a price on your desired house for much less than it is listed for. They can also find out if the current homeowners are involved in any legal disputes that could complicate the home’s sale. One of the biggest perks of hiring a real estate agent is that they are pros at filling out the mountains of paperwork involved in homeownership.

Mortgage Brokers

Hiring our Scottsdale mortgage brokers at Scout Mortgage is one of the wisest decisions you will make. Our salary-based mortgage brokers will shop around for the best mortgage rates for you. By providing you with transparency and quick service, you’ll be in your new home in no time.