Crystal McMahon

Great Life Investing

Buying or Refinancing a Home

Buying or Refinancing a Home

Saving a Down Payment for Buying a Home

Your home is by far the largest purchase you’ll ever make in your life. And, even though you might be more focused on neighborhoods, schools, style of homes and your potential commute, saving up for the down payment is the tricky part. Also, considering figuring out how comfortable your finances will be once you start making those monthly payments is very important. Buying or refinancing a home will be one of the most important financial decisions that you make. Therefore, it’s very important to have an independent financial advisor to help navigate the process.

Shop and Compare

While a good mortgage broker can help you shop, compare rates/terms and get you pre-qualified for a mortgage, planning that purchase well in advance with a certified financial planner could save you sleepless nights in the future. For example, how long and how much should you really save for the down payment? And should you really buy the most home you can afford? Several factors need to be considered such as your current and future expenses, your income now and your potential income in the next few years, and whether interest rates are rising, falling or staying level.

Have a Realistic Plan

No matter how you think about it, your monthly mortgage payments can have a significant impact on your lifestyle once you move in, and if you end up becoming “house poor” (with a payment too high for your lifestyle), you may regret losing out on other things in life you had to give up just to afford your new house payment. If you’re considering upsizing, downsizing, refinancing or buying your first home, we have financial advisors who can help set you up on a realistic plan that will help you feel better about your big move.