Our Handy, Home Buying Tips

You would think after being married for almost 6 years and multiple kids later we would own a home by now, right?  But we don’t.  My husband and I decided that before we could purchase a house we had to have a firm financial foundation by being  a.)debt free,  b.) have an emergency fund, c.)  a 10-20 percent down payment for a house on a 15 year fixed rate mortgage and d.) the mortgage payments must be 25% or less of our monthly take home pay.

We are currently renting a basement apartment so we can save extra towards a down payment.  We are sacrificing now so when the time comes for us to purchase a house on a 15 year fixed we are good and ready.  The difference between a 15 and 30 year mortgage is huge.  Interest rates on a 15 year are extremely lower than a 30.  And the life of the loan is shorter meaning you lose less to interest.

It has been so hard waiting, but we know patience obtains everything.  We currently are debt-free and have our 3-6 month emergency fund.  We have a little saved for a down payment, but have not quite reached the 10-20% mark.  In the meantime, we will be researching different areas we like in Maryland.

If you have any handy, home buying tips let me know!  I want to be completely prepared when it finally comes to us purchasing our first home!

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