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When to start looking...
Hi everyone,
So my fiancee and I will be getting married in just under 2 years (it has been a long engagement) and now seems to be crunch time for planning out what we want for our future before all of the wedding planning takes over our time.
We both currently live at home with our own parents houses and we REALLY don't want that when we're married. We also want to try and avoid having to live in an apartment if it's possible (want to save money, not spend it on rent).
My question is, being first time house hunters, when, approximately, should we start seriously looking if we want to have a house to call our own after our wedding? Or at least when should we consider sitting down with someone at our bank and getting a pre-approved mortgage rate?
Thanks everyone! I hope my questions make sense (my brain is half asleep today)
ALSO HAPPY NEW YEAR (almost)
Re: When to start looking...
Probably should wait until closer to the wedding to look at homes. You definitely do not need to meet with a mortgage person now, rates will be different and you only do a preapproval when you are a serious buyer.
What you can do now is get a copy of Home Buying for Dummies.
Begin saving for your down payment.
I would actually rent for 6-12 months after being newly married. It's probably to your advantage to move from a parent's home into an apartment. There you can learn about your life together and what you two want/need in a home. If you have never lived on your own before, renting is actually a smart move to make.
I sort of agree with this. I would say talk to your bank and see if they can do a debt to income pre-qualification. Some banks will do this, but keep in mind it isn't a binding decision. However, it does give you an idea of what the bank will allow you to borrow. That at least gives you an idea of what price range you're in and doesn't involve pulling a credit report. Regardless of what the bank approves you for, don't max it out. You want breathing room.
Not sure what your finances are, but make sure you have enough for a down payment and an emergency fund. Some banks will loan to you with less than 20% down, but at least in the case of mine with a conventional loan the interest rates will be higher. You definitely want to have an emergency fund to handle all those unexpected house repairs that will come up after you move in.
I would also suggest an apartment for the first 6-12 months.
Thank you everyone! This is all really great advice and certainly food for thought. I like the idea of renting for at least a short period because it gets you past the "honeymoon" phase so you can really see how well you work together. If we do decide to get a house together, I'll be sure to start looking at the market within a year of when we're ready and then start seriously looking at the 4-6 month mark
The emergency fund is certainly something I hadn't put much thought into. Sort of "back of my mind" thing but I think it's also something we need to talk about before we start looking into anything, be it renting or buying.
Thanks again everyone! I really appreciate the help!