You guys, I want to own a home.
If you didn’t know, we move around. I have packed and moved our life 10 times in our 6 years of marriage. Not only do I hate it, I’m also pretty bad at it. I’m an unorganized procrastinator. Imagine that! Let’s just say it’s difficult! In fact, I’m in the middle of packing everything we own now! We leave Friday & I have one suitcase packed… 🙂
So the husband and I dream of the day we’ll be able to afford a home. One that we love that we can stay in forever. We actually sit around look at houses online talking about what we like and don’t like, you know, in case someone was like “Want this house?” Then we’d be prepared. And since I read in USA Today that women’s financial power is growing, who knows, maybe that dream is closer than we think. 😉
There is a lot more that needs to be done than spending your evenings looking at ZipReality or Zillow involved in buying a home. Although dream shopping for a home is definitely more fun! Here are 4 things we are looking into/working on to buy a home.
- Credit scores
Thanks to my awesome husband who handles our finances, our credit scores are superb. If it were me, I would have totally screwed us over by now. Now we just have to keep it that way!
- Down Payment
Oh geez, this is daunting. I mean, who has a full 20% to put down on a house? In southern California the average house costs $315,000. That’s $63,000 down people! Yes, I know there are other options, which we will most certainly look into, but as for now, the object is SAVE!
- Mortgage Insurance
This actually gives me a little hope! I was just reading the benefits of mortgage insurance from Genworth to my husband and he said “sounds like something we need to look into.” For example, it can lower the down payment (stress lifted!), gives steady monthly payments that don’t increase, convenient paper work, & peace of mind for when the times get tough. You can read a little more about mortgage insurance in this Huffington Post article. Say no more, this speaks to our family!
If you know my husband, you might know his nickname. While growing up in the Bahamas his friends called him Captain Cautious. He likes to know results before he tries things, to plan out accordingly, save money, be responsible, you know, the types of things that would make your high school friends call you Captain Cautious. So we would need/like to have a decent savings after the down payment so we could feel secure to pay monthly payments. Life sometimes throws you curve balls, so Capt. Cautious would definitely like to double up with some mortgage insurance & some savings to feel extra cushy.
Now these are just thoughts we have been working through as eventual home buyers who have never gone through the process. Although it’s a lot more fun to browse around houses online and pretend to be able to afford whatever you want we have to get real with what needs to be done.
What do you think? Is it a good list? Are there any things you would add? We’re hoping to own a home within the next 5 years, hopefully sooner than later, so send your suggestions our way!