Making the decision to buy a home is an exciting one. It’s also a bit overwhelming, because whether you’ve bought a home before or not, there are a lot of moving pieces that all seem to be spinning at different speeds, making the whole situation a little difficult to balance.
Fortunately, the truth is that with a little bit of planning, you’ll be balancing everything perfectly before you know it! And, as luck would have it, your go-to Scottsdale mortgage brokers have a few tips for how to do just that in today’s post. If you’re considering purchasing a new home, keep reading to see what you should keep in mind at the beginning of the process to make your life a little bit easier.
What to Keep in Mind When You Start the Homebuying Process
Write Out Your Budget
One of the best things you can do for yourself is to write out a budget. If this isn’t something you’re doing yet, carve out some time during your day to write out what you think you should ideally be spending each month. Be sure to write down everything; you’ll want to include your current mortgage payment or rent, gas, groceries, utilities, credit card payments, going out to eat, savings, and any other recurring purchases you make.
In a perfect world, you’ll have some money left over.
Check Your Bank Statements
Now that you have your ideal budget in place, take a look at last month’s bank statements and see how your actual spending compared to what you think it should. There’s a pretty good chance that you’ll be surprised by some of your spending habits, and for many people, knowing how much they actually spend on things like going out to eat or going shopping.
Once you have a good idea of what the last month actually looked like, write down the previous couple of month’s as well to get a better idea of what your spending looks like. You might find that the month where you were remodeling your kitchen caused you to spend much less on groceries and much more on fast food. Either way, it’s good to get a general idea of what your spending will look like on average.
Consider How You Can Realistically Change Your Budget
If your goal is to get into a new home, the last thing you’ll want is to not have enough money to pay for it on a monthly basis. Look for areas where you can cut back your spending and be as realistic with yourself as possible.
For example, if you know it will be impossible to stick to the budget you’ve set for groceries, now is the time to make the change. Your goal here is to figure out how all of the pieces of your budget fit together so you can see what you would realistically feel comfortable paying each month for your mortgage. This is a good time to get prequalified by a mortgage broker, of course, and we’ll go into more detail about that process in our next post, so keep your eyes open!
The Scottsdale Mortgage Brokers You Can Count On
Wherever you are in the process–whether you have just decided that you would like to buy a home or you’re ready to get prequalified–you can count on the team at Scout Mortgage to steer you in the right direction.
Our goal is complete and total customer satisfaction, so if you are looking for an Arizona mortgage company you can count on, look no further. Contact us today to get the process started. We look forward to hearing from you!