Making the commitment to buy your 1st home is always scary. I always tell my clients this is a good thing, if you were not a bit scared or worried then I would be worried for you. This is the biggest investment you will make till you buy again. The decision to buy should not be taken lightly and it needs to be for all the right reasons.
Back when the government was offing a 1st time home buyers credit, we had many 1st time home buyers want to buy a home. They wanted to buy a home because they could get $7,000 towards buying a home. So they thought FREE MONEY why not? Well I can tell you for some of these buyers after interviewing them, I had to tell them why not - they were not ready.
Buying a new home is a great thing! Home ownership is also a commitment. It’s not like buying a new outfit and once it’s coolness is done - you give it away. It’s a commitment of 30 years for many - always paying your bills on time, consent maintenance, knowing sometimes you have to say NO to the fun things as your money needs to go to taking care of the home.
However, I have seen many life destiny’s change after buying a home. Getting pre-approved to buy a home - means you have showed commitment to paying bills on time, you did say no to the fun things to save money for a down payment. So you may get frustrated about the pre-approval process, but in the end it is preparing you for a 30 year commitment of doing just what you did to get pre-approved.
Once an individual gets pre-approved for a home purchase and successfully buys a home - life changes. Their self confidence changes. Their commitment to their job changes. The way their family and friends look at them changes. And all for the better.
I can not tell you how many people have called me a year after buying their first home and tell me they were promoted at their job. Maybe this is because their commitment was greater - as they can not afford to loose the job now. Or their employer looked at them differently and said they are putting in roots in this community and see them as a responsible person.
How many have found that partner for life! Maybe this is because their self confidence has changed for the better and now people find them very desirable to be around. People like to surround them selfs by other successful people.
And for those who had to take a year to clean up credit - well that huge monkey is now off their back. You do not realize how heavy that monkey was till its gone. It was keeping you down and you did not even realize it. You no longer have to be scared to answer the phone! FREEDOM!
I find many who are scared to make the 1st step is that they are scared of the word NO. They are afraid to hear the lender tell them they can not qualify and the reasons why. I have had several people talk to a lender who thought this and they did actually qualify and was very happy they made the 1st step. And for those who did not qualify - well we will work on this together till they do!
So I am not telling you it’s time to buy because interest rates will go up, or because home prices are going up or because you will will have great tax advantages - It think you know this. I am tell you to buy because life changes for the better.