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Say “I Do” to Homeownership

Once you’ve both said “I do!” what is your next step? For many newlywed couples, it’s time to make your first big joint investment: a new home! The decision to start home shopping is easy. The hard part comes when figuring out how you can afford that new home. But don’t worry, we’ve got you covered. Top Things to Ask Yourselves

• Can we afford to buy a house right now?

• Can we get a mortgage?

• How much home do we really need?

• Who can help us with our home loan?

Should You Rent or Buy?

Owning a home seems like part of the marriage dream, but it’s not always feasible right away for many newlywed couples. Owning a home comes with many unfamiliar costs such as property taxes, mortgage insurance, homeowner’s insurance and increased utilities bills. • Know your credit score and history • Calculate the monthly cost of a home • Compare to current expenses • Find a reputable mortgage lender before you start house shopping

While buying usually has a greater upfront cost than renting, it’s usually cheaper than renting for the long term. New American Funding’s mortgage calculators can help you determine when buying will be the right choice for you.

Get Pre-Approved for a Loan

Searching for a home should never begin with finding a home first. Your first step as a couple should be to get pre-qualified for a loan. Many new buyers skip this crucial step and wind up finding a house they love, only to find it’s beyond their financial reach. Buyers who get pre-approved for a mortgage have a number of advantages when approaching a seller.

• You know your exact budget when searching for a home.

• Sellers know you are a serious buyer with funding lined up.

• A pre-approved offer will put you ahead of other buyers without an approved loan.

• Pre-approval gives you extra room for negotiation since you know exactly what you can afford.

• A loan officer can help guide you through the entire mortgage process from start to finish.

Buy Within Your Means

You never know what the future holds, so it’s important to understand your financial limits before you commit to owning a new home. Many homeowners make the mistake of buying more house they can afford, or simply not understanding their monthly finances. Just because you’ve been pre-approved for a $300,000 mortgage doesn’t mean you should use the full loan amount. As a couple, you should carefully consider life plans and try to determine if you’ll be able to afford your home for the foreseeable future.

Find the Right Loan

Pre-approval lets you know how much you can afford, but then you’ll want to actually arrange financing for your new home. Picking the right loan for your new family can be tricky, but our loan officers can help you decide which fits your needs. New American Funding offers a number of first-time homebuyer programs that all have attractive options like low down payments, fixed interest rates and more. The biggest thing to remember is that you’re not alone when buying your first home. As you can see in our presentation The People Involved In The Mortgage Process, you’ve got a whole team helping you!

Get Some Help

The nice thing about buying a home is that you don’t have to go it alone. In addition to the professional team helping you during the homebuying process, you can get help from friends and family. Your wedding gifts don’t always have to come nicely wrapped. Tip: Some mortgages, like FHA loans, will allow you to receive a gift covering your down payment. Down payments range from 3.5% of the total home price to more than 20%, so this can be a huge gift for newlywed buyers. Learn more about FHA Loans today.

Homebuying Advice for Newlyweds

Learn more about buying your first home at

www.NewAmericanFunding.com