• Determine what you want your monthly payment to be
• Determine how much you want to put down
• Meet with Dane, our Preferred Lender
• Crunch the numbers to determine how much home you can afford
• Determine what your ‘must have’ items are
• Define the location you want to live in
• Set up your home search
• Walk any homes that meet all of the qualification you’ve set until you find the right one & submit an offer
• Deposit earnest money
• 10-day inspection period
• Appraisal
• Sign all lender documents
• Sign all title documents
• Sent to record + fund
• Schedule your movers
• Turn on all utilities in your name
• Welcome Home!
Your home budget isn’t just about what you qualify for with your lender—it’s about what comfortably fits your financial lifestyle. Your lender will assess factors like your debt-to-income ratio, credit score, and down payment to determine the loan amount you’re eligible for. However, beyond your mortgage principal, interest, taxes, and insurance, you’ll need to account for additional homeownership expenses such as utilities, waste removal, maintenance, and personal lifestyle costs.
A common guideline suggests that your mortgage payment should not exceed one-third of your take-home pay. However, this is not a one-size-fits-all rule—your financial situation and future earning potential play a significant role. Things to consider:
Are you in the early stages of your career? If your income has strong growth potential—such as a young attorney or medical professional just starting out—you might consider a slightly higher mortgage payment, knowing your earnings will likely increase over time.
Are you approaching retirement or on a fixed income? If your income is stable with little room for growth, you may want to be more conservative with your mortgage budget to ensure long-term financial security. By taking these factors into account, you can make a confident, informed decision about the home that best fits your present and future financial goals.
Once the inspection is complete, the next contingency to remove is the appraisal contingency. Most loans require an appraisal and if the home doesn’t appraise for the purchase price, buyers and sellers have a few options. The buyer can exercise their right to cancel the contract and receive a full refund of their earnest money; buyer and seller can renegotiate on the price; or buyer can bring the difference between the appraisal amount and loan amount in cash to the closing table to bridge the gap.
Don’t change bank accounts
Don’t close any credit accounts or apply for new ones
Don’t co-sign other loans for anyone
Don’t make large cash deposits into your account without speaking to your bank or lender
Don’t make any large purchases
