Home Buying Anxiety – Steps to Calm Your Mind

In this article you’ll learn about home buying anxiety and some easy steps to get peace of mind.

If you’re a first time home buyer, the home buying anxiety can appear because you just don’t know what the process looks like. No worries, here are some steps that will help you out with your home buying anxiety.

Gain Peace of Mind

Step number one is to actually learn all you can about mortgages. Mortgages through lenders/investors have really changed a lot in recent years, making adjustments reflecting on the households in the way that we live. The more working adults living in the household, contributing to the cost of living budget, the easier it is to obtain a mortgage. So, if there are several income-earning adults involved, the group should get approval. Find a reliable real estate agent and mortgage broker and discuss this with them.

Clarity, Comfort, and Confidence

This is a very important step. It’s key that you have clarity, comfort, and confidence every step of the way. Now, you might be wondering to yourself ‘when do I start the process of buying a new home?’ I’m a big fan of saying that you can never start too early. There are buyers that reach out to their real estate agent two or three years in advance. Generally, people should start reaching out to their trusted real estate advisors anywhere between 6 and 12 months before they intend to purchase a new home. This way you have time to ask a lot of questions and learn new things, as well as what’s happening in the real estate market.

Explore Your Down Payment Options

Next step that will calm your anxiety is actually exploring your down payment assistance options. Now, down payment assistance options are good for some and not good for others. There is a trade-off with

down payment assistance. The biggest trade-off is going to be in the form of your mortgage interest rate. You should expect to be charged a higher interest rate if going the payment assistant route. That’s how the program pays for itself. This is something that you really need to think through before starting the home buying process.

Comparing Mortgage Quotes

The fourth step to easing your home buying anxiety is to ensure you sit down and compare mortgage options by researching options and quotes received. When you compare mortgage quotes, it’s important to understand that when you see low rates being shown online, on television, or you hear it on the radio, that the low rate must be investigated for any hidden charges or hurdles not easily visible. There are so many variables that go into deciding what kind of a mortgage interest rate you will receive – ie: your credit score, your current debt, and income ratios, etc. The best thing that you can do is actually find one or two mortgage lenders that you’re happy and comfortable with in order to compare your options. 

Considering Long-Term Cost

The long-term cost of a home goes far beyond just your mortgage’s principal amount. You must also understand that there are other costs such as: mortgage interest based on rate/term/length of mortgage, property taxes, insurances, plus monthly utilities (gas, water, electricity.)   Your income compared to your costs of owning a specific home is what the lenders are looking at. They want to ensure you can handle all the costs so that both you and the lender are both happy through the timeline that you and them are committing to!