Winter Planning for Spring Home Buying
As we settle into our warm clothes and steaming drinks, as we let the holidays encompass our schedules, and as we enjoy our families and friends, you should be building your home buying plan. Yes, months before you actually call me you should begin the process of planning to buy that home. Here are some easy things to consider now to make the process much easier once those daffodils begin poking through the hardened earth.
Control Your Spending
The money you will need to buy a house in the spring could be adversely impacted by the debt you might incur during the holidays. No one on your holiday gift list will balk when you tell them why you are controlling you spending now. Tell them that next year the celebration will be in your new home.
Control Your Credit
We often find ourselves spending more and using credit more frequently in the winter months. The January debt hangover many of us experience will not help you once the search for your new home begins. Avoid the temptation to open new credit accounts and attempt to keep you current credit balances as close to or at zero. Every point on your credit score (based on how well you manage your credit) will have a direct impact on the interest rate you might pay. In some instances, it will have an influence on how much money the lender will be willing to approve.
Build Your Savings
Because the loan process relies on your ability to control your debt and increase your savings, by giving yourself a goal you will find it easier to spend less and save more. Focus on getting your current debt obligations under control. This sort of activity will also help your credit score and that will make you eligible for the best possible mortgage rate when you do apply. You may have to forgo your annual winter vacation, especially if much of it is funded with credit rather than cash.
It does not hurt to look for the home in the dead of winter. It is a good time to see a neighborhood without its spring time finest on.
You can’t control the future so don’t feel any pressure by the current mortgage rates. They may go up; they may go down. While the best rate is often considered the advertised rate, few people actually get it. By focusing on your personal finances, the advertised rate will be yours. My father once suggested that you shouldn’t worry about anything you don’t have control over. If he’s right, and he always seemed to be, you should control what you can. Save, pay down your debts, and save some more. Try to avoid any major purchases until you are actually handed the keys. History will follow you.
How can we assist you today?
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Principal Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
N Mobile: 541-420- 3725 | B Mobile: 541-420- 4018 | Fax: 541-593- 5123
Licensed in Oregon