Most military families begin what we lovingly refer to as “the purge” around six months before a PCS. But when should you begin looking if your intent is to purchase when you move? There are so many ways you can approach it. We spoke with Michelle Crumley (NMLS ID #448351), Military Client and Community Liaison at Caliber Home Loans and Navy veteran military spouse, to get the downlow on the best way to tackle this operation.
Answer: It is always better to have time to really review your financial position with your trusted mortgage advisor. Take a hard look at where you are, where you want to be, and have time to take the steps to get you positioned for the best experience and most advantageous loan options.
Answer: Be part of the process, ask questions, make sure you understand what you’re being asked and why it is important. Buying a home can feel very overwhelming and intimidating but the more you know the less frightening it is. By doing this, you can ensure you are making the best financial decisions for you and your family.
Answer: Really sit down and construct your family’s monthly income and expenses. List out all the consistent income you receive every month (and from where) and on the other side of the page write down every known and reoccurring expense and the amount you pay monthly. Make sure you have included allocating some money to savings or investments in your expense column as well. If this exercise in and of itself is hard, or you don’t have extra money each month to set aside for savings, then the first thing to do is really analyze your financial goals. Being a homeowner is a big responsibility! You can’t just let your lease expire and move on down the road. Not only are there costs to consider in getting into the home but the upkeep, maintenance and improvement costs are always ongoing.
Answer: Try as hard as you can to take emotion out of the mix – it is easy to get caught up in the moment or push your budget and comfort level when you are in the heat of negotiations. If you go higher in your asking price or waive home inspections, you could be putting yourself into a position of buyer’s remorse, or you may find out the home has cosmetic or even structural issues that you now own. Stay true to you because houses come and go.
Answer: Make sure you are working with a realtor and a lender that are both experts at working with military families and military lending (VA Home Loan). Our needs as we are PCS’ing are different than our civilian brothers and sisters, and if we don’t have a team working with us that understands that and can fight for us, we are truly doing ourselves a disservice.
Did you know that around 80% of military families live off base or post? Living in rentals or purchased homes is more of the norm than many realize. If you find yourself financially ready to purchase a home, it can be one of the most significant purchases of your lifetime. Real estate has long been used to assist in wealth building and having something that is your own sure feels good. Happy house hunting!
Are you ready to start the homebuying process? Caliber can help! Find a Caliber VA Loan expert near you, learn more about your eligibility and what you’ll need to apply, or call 855-808-2124 now to speak directly to a loan consultant.
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