Stress-Free Guide to the Home-Buying Process

Ahhhh I can’t believe it’s been two years since we’ve closed on our home. Our closing day definitely goes down as one of the happiest days of my life so far. With us building our first home from the ground up it was such a long, stressful at times, process and I was elated that we were FINALLY signing at the dotted line and getting the keys to our brand-new home. Being a homeowner has always been a dream of mine. I just would’ve never expected that only 3 months after my husband and I got married we would be moving into our dream starter house together. I’m so grateful that we serve a God who not only blesses us with the desires of our hearts but exceeds our expectations as well. Buying a home is one of the biggest investments you’ll make. Being as educated as possible on the home buying process prior to you actually taking the first step will make for a smoother and less stressful situation. Below I’ll share what I took away from us going through the process on what you need to know prior to starting the home buying process, during, and even after closing on your first home. Let’s jump right in.

What you should know BEFORE you start the home-buying process:

• You’ll need good credit! Most mortgage lenders will tell you that you should have at least a 640 credit score to be approved for a home loan. There’s different types of loans or programs that may allow you to have a lower score than that but that’s the number I heard the most when I was shopping around for a mortgage lender.
• You’ll need a steady income and a consistent job for at least the past two years. If you know you would like to buy a house in a year or two do not to hop from job to job. That will only complicate the process.
• You should already be saving. You will be responsible for the home down payment. This will be a large lump sum of money you’ll need saved by your closing date.
• Consider your long-term plans before you start looking for homes. For example, if you plan on expanding your family once you move into the house be sure to take into consideration the amount of space and rooms you’ll need in the future, not just currently. You’ll also have to consider school districts, commutes to work, and things of that nature. The last thing you want to do is make a huge investment and regret your decision after the fact.
• Be sure you know what your budget for the home is prior to shopping. Create a final figure and stick to it. It’s easy to continuously increase your budget once you start house hunting, but no one wants to be “house broke.” Meaning, you don’t have much monthly income left after paying your mortgage. You also must take in to consideration not only purchase price but HOA fees, taxes, and homeowners insurance. Depending on where you live those fees can make a big difference in what you’re dishing out monthly. In this blog I’m talking to first time home owners, so keep in mind this is just your starter home. Play it safe, there’s always room to upgrade in the future.
• Get pre-approved. This will give you a range for you budget. You don’t want to start looking at homes prior to getting pre-approved and then find out you weren’t approved for the price of homes you’ve now fallen in love with.
• Lastly, buy a house you LOVE! It took touring multiple neighborhoods and model homes before my husband and I found a floorplan we both loved. There were homes we liked but didn’t love. I’m so glad we didn’t get impatient and end up settling because that’s a decision you’ll have to live with for years to come. Keep in mind there’s things that can be changed after closing so have an open mind. Things like carpet, granite, tile, etc. can be changed. The actual floorplan/layout of the house may be a little harder to change. Be sure to have a checklist of things you won’t compromise on so you don’t waste a bunch of time.

What you should know DURING the process:

• You are going to have to provide a TON…did I mention a TON…of documents to the underwriters once you get pre-approved and officially started in the home buying process. Go ahead and mentally prepare yourself for this. A lot of what the lender will ask you for you’re going to wonder why this is even necessary, but you just have to do it. You’ll also have to provide a paper trail for any and everything on your bank statements. It’s best not move large amounts of money around during this process.
• You won’t be able to make huge purchases with credit during this time. No getting any other loans, buying a car, or buying a bunch of furniture on credit for a home you don’t officially own yet. Save all of that for after you sign at the dotted line on your closing date.
• Respond to any request by your lender quickly. During our home buying process our lender became my number friend lol. She triumphed everyone. If she needed something, I got it to her immediately. Not moving in a timely manner during this process will only slow things down. Be very proactive as well. I had my lender on speed dial and wouldn’t hesitate to call or email her with any questions I had.
• Be upfront & honest with your lender at the beginning of the process. That way nothing comes up half way through or even worse, at the end, of the underwriting process that could prevent you from closing on the home.
• Lastly, stay calm and keep the faith alive. There will be stressful moments during the underwriting process. There were so many times I thought the bank may not approve us for the mortgage loan. Thankfully my husband is our rock during stressful situations. He continuously assured me that if our now home was meant for us, God will see us through. And He definitely did!

What you should know AFTER you close on your home:

• Immediately following your new mortgage expect your credit to suffer. When a loan as large as a mortgage loan hits your credit it goes down until you start making consistent and on time payments. Because of this temporary drop you may find it hard to get approved for credit or other loans at least for six months. If you plan on using credit for furniture or appliances for your new home you will want to apply for that immediately after closing. Literally, like the same week. I’ve heard of people’s mortgages only taking days to hit their credit and some taking weeks. To be on the safe side don’t wait too long to do this.

• Be sure to see when all your warranties expire for everything in the home. The warranty on your actual home through the builder, plumbing, air condition, and home appliances (refrigerator, microwave, dishwasher, washing machine, & dryer). When you become a home owner kiss the days goodbye of putting in a repair request through your apartment when an appliance breaks. Now you’ll have to not only hire someone to come out to do the repairs but also pay for them out of pocket. Owning a home is a lot of work and the upkeep can be very expensive. Things like replacing your air-conditioning unit or having to replace your dishwasher can get very costly. It’s best to know how long your warranties are for appliances so you can decide if you want to extend them or not.
• You will have to change your address on EVERYTHING including updating your current employer with your new address. Ladies, it’s just as annoying as when you get your husband’s last name and must change your name on everything as well. But once you get it over with, it’s done for good.
• Lastly, have fun with your new home. Take it all in. Enjoy every moment knowing that you are taking care of your future. I remember how excited we were once we finally closed on our home. We slept in our house that first night we closed with no furniture in the entire house besides a bed in our master bedroom. We still had our apartment for a few weeks but we were just that excited about purchasing our home. There’s nothing like having your own. Two years later I still feel grateful every time I pull in my garage. Thank you Jesus!

Our mortgage lender was Courtney Hunsucker through Benchmark Lending. She was AMAZING. She made our process as stress free as possible. If you are looking for a great lender give her a call or email.
Phone: 713-802-7021
Email: [email protected]

I pray this helps you all!

As Always…Love you All,

Courtney N. Williams