It’s exciting to purchase a new home! Whether it’s your first home, an investment home, or vacation home. A big part of this excitement comes from envisioning what you’ll do once you own the home. It’s thrilling for me to see this excitement in my clients.

Let’s take a step back for a moment and contemplate your financial standing before you purchase, and explore the long-term benefits a home can contribute to your financial security.

Keep equity growth top of mind

Don’t ever lose sight of the benefits that equity growth in your home provides. With every decision you face throughout your home buying journey, ask yourself “Will this contribute or take away from the equity I plan on building in my home?”

Be realistic when you plan

Take an honest look at your current income and expenses; keep in mind the big costs you expect to come up in the future (college, family vacations, cars, etc.). Learn a bit about mortgages on your own and avoid the temptation to max yourself out once you do sit down with your loan officer. Jot down a list of the things you desire (vs need) in your next home. You may be able to have both, and that’s great. Most important is to address your primary needs. Having a frank conversation with everyone in your family will go a long way in making the best decisions long-term.

Find a mortgage lender you trust

It’s OK that you don’t know all the ins-and-outs of mortgage lending. Once you find the perfect fit in a loan officer you’ll feel supported and confident in your decisions. A great mortgage lender will be aware of all your loan options, be willing to educate you on the loan process, and make proactive suggestions based on your wants and needs.

Trust your REALTOR® for advice

You’ll be amazed at the reliable guidance you can get from a great agent! Even though it’s not their area of expertise in most cases, your REALTOR® is likely to know a lot about mortgages. Reach out early and allow them to be there for you when you first start contemplating your home purchase. An experience agent will have more than one referral for reputable mortgage lenders as well.

Reach out anytime if you are thinking of buying and have questions. Text, call or email! As your Chicagoland northwest suburbs REALTOR®, I am here to listen, help you make a plan, and work for your best interests.