Fiscal Responsibility

Next year, Hubby and I want to start looking for our own house. Although we love where we live now, the truth is…we are only renting and when you are renting…especially if there is no lease, you can never be quite sure what’s going to happen month from month. Granted, not having a lease came in handy at our last place…as we were able to move out and into our current place almost immediately with no consequences but renting just is not the same.

So hopefully this time next year, will be on a mission to find a house.

I have always been fiscally responsible. I am always on time with any kind of payments. I finished paying my college loan and my car loan ahead of time. I have a few credit cards, but have always paid them off each month. Neither hubby nor I owe any money anywhere. We live modestly. Granted, we are more or less a one income family but I’m hoping that this changes in the near future.

I am not sure though, if this is enough. How much should we have for a down payment? What sort of credit rating would a bank look for? We’ll have some assistance through the VA, but how would that work? What should we look at in a house?

I have so many questions. I do have a friend that is in real estate…or rather, a friend of a friend. Perhaps I should try to talk to her to kind of get an idea of what I should do to plan for home ownership.

Until then, perhaps I should start Googling houses for sale in the area…if only to get an idea of what we’ll have to work with.


8 thoughts on “Fiscal Responsibility

  1. downpayment, inspections, closing costs, repairs – and with mortgage qualifications getting tighter the last few years, i’d definitely talk to a realtor before going house hunting. good luck!

  2. What TexWisGirl said. Houses are expensive so you should factor in all the costs. There are quite a few to consider. Owning your own home is fabulous though.

    Have a fabulous day. ☺

  3. I wish you success with your house hunt. Prepare to be patient. The mortgage lenders will ask for every tiny detail of your financial life, several times over. I agree that meeting with a realtor who has proven success in your area is key.

  4. If it’s first time homeowner, that will help…some banks offer lower interest rates, lower percentage down, lower PMI. What I would suggest is that you begin to make a list??get a small spiral notebook and then tab it into sections: mtg questions, things to look for, questions to ask about heat, insulation, electrical. There’s a lot so do your homework…:)JP

  5. A major decision, obviously, but if you can swing it it’s far better putting your money into something that will be yours rather than giving your money to a landlord.

  6. best of luck with your house hunting! a good place to start is it’s pretty self explanatory, and it’s a nice way to browse the market before involving a realtor. not every listing is there, as i suppose it’s hard to keep up to date, but it’s a good gauge for area prices. good luck!

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