Understanding your Budget

Already Own a Home?

Reassess Your Current Home - Does your current home still meet your needs? Maybe you’re planning to grow your family, want more space to entertain, or dream of a bigger backyard. List your must-haves and nice-to-haves for a new home.

Know Your Home’s Value - Check recent sales in your neighborhood to understand how much equity you’ve built. Just ask us, we will provide a FREE Market Anaysis. You might be surprised by how much your current home can contribute to your next one.

Plan for the Transition - If you’re selling and buying simultaneously, talk to your realtor about timing and options like rent-backs or bridge loans to make theprocess smoother.

Think Long-Term - Whether upgrading or downsizing, consider how your new home will fit your lifestyle for the next 5–10 years. Will it accommodate changes like remote work, kids, or even a furry friend?

Buying Your First Home

Have the “Money Talk” - Sit down together and get clear about your combined finances. What are your incomes, debts, and monthly expenses? It’s not the most romantic conversation, but it’s one of the most important.

Check Your Credit Scores - Your credit scores impact your ability to get a mortgage and the interest rate you’ll pay. Pull both your credit reports to see where you stand and address any issues before applying for a loan.

Calculate Your Budget - A general rule of thumb: spend no more than 28% of your gross monthly income on housing costs, including your mortgage, taxes, and insurance. Be realistic about what you’re comfortable paying each month.

Consider the “Hidden Costs” - Beyond the down payment, factor in costs like closing fees, property taxes, HOA dues, maintenance, and utilities. A $2,000 mortgage could feel more like $2,500 after everything is added up.

Get Pre-Approved - Speak to a lender to get pre-approved for a mortgage. This not only gives you a clear idea of your price range but also shows sellers you’re serious buyers.