CONGRATS, you bought a home! I am so proud of you!
Tax records checked. Pay stubs turned in! Checking, savings and retirement statements submitted! Employment verification Checked! The dreaded credit score and history evaluation DONE! You got this all lined up in record time and ALL your hard work, and discipline have paid off. You were approved for a home loan…perhaps one of the happiest days of your life, and you are little relieved. You take a deep breath, smile excitedly perhaps a little nervous, but you are over the moon with a twinkle in your eye! You got approved for a HOME LOAN. Thumbs up, right on! Way to go! Pff! You are approved!
You have BEGUN THE HOME JOURNEY!
A few hours passed by your nerves settle down a bit, then you realize, YOU ARE APPROVED FOR A HOME LOAN! You begin to dream of the possibilities! Reality sets in. It’s TIME to start looking for YOUR HOME. You begin to dream, and make a list of needs, and wants…come let’s face it, it’s a WANTS and NEEDS list! A white picket fence, a cozy yard, a huge backyard to host the BBQ, a swimming pool to cool off from the summer heat, an upstairs alcove, a renovated basement for the man-cave or the home office or the craft room, and so on, and so on. The sky is the limit! A few hours, or perhaps after a few days of diligently touring properties, reality sets in… your BUDGET is the limit of your dream! Adjustments must be made; the needs list takes precedence. Perspective now adjusted as well; you go at it again furiously like a pro. Before long, you are a true house-hunting-warrior!
When you least expect it, and when your hopes of finding a home that will have a few of your needs and some of your wants has been crushed to a million pieces, you fall in love with THE ONE that brings music to your heart and butterflies to your stomach. You don’t know why, but the sun just shinned a little brighter over this particular property. It truly just spoke to your heart. Your step is little lighter, quicker. You are a little chipper, and your finally found the one! You bravely, and proudly announced the decision to write a contract and submit it. You are in cloud nine for a few hours, then…. anxiety sets in! You toss and turn all night long; will I get it, will the seller say no, will the seller counter back, what if I can’t buy it, what If someone else offers a pony, or a boat with their contract? Oh, my goodness, what if they don’t like my loan, my offer? All night long, you toss and turn, anxiously waiting for the magical words of acceptance.
Congrats! Your offer is accepted; we are RATIFIED! Music to your ears! Just then, you realized, time for the next phase of negotiations. Inspections and contractors, lender, survey, and appraisals, associations, and their regulations, not to mention financing. One point of negotiation after another; will it end? Will you ever make it to settlement? Will you be sane at the end of it all?
YES! You make it to settlement, and you are still sane, but barely! You have bought a house. What a proud moment. You go out to celebrate, and as you do, you begin to make the list of all the renovation, upgrades you want to make. You also have to finalize your move, change your address, interview contractors, price material, ask family/friends, your realtor for contractor recommendations. The list grows and grows. You have not moved in yet, and you already have a plate full of things to-do!
No sweat, you are a proud homeowner, it was not easy, but you have accomplished it. At the end of the month, you will not pay rent. NOPE! You will pay a mortgage than in essence, it is paying yourself as you have invested in you, and your family. Being a homeowner, moves you to the category of being a more financially stable consumer and citizen.
Now, is the perfect time to take one more step towards financial and homeowner stability. As soon as it’s time to send your first payment, you submit that mortgage payment with an additional amount paid towards YOUR PRINCIPAL. It can be just as simple as rounding to the nearest dollar. Your mortgage payment is $1985.65, round this amount to $1986.00, the .35 extra assigned it towards paying extra principal.
FEED the PRINCIPAL MUSCLE, STARVE the PIG!
Every monthly mortgage payment you can submit with additional principal payment will reap rewards for you. Paying an additional $25 a month can save you several months of mortgage in the long run. Paying $100 extra a month towards the principal, could save you a year or two in total mortgage payment. The extra amount must be applied towards the principal. Make sure to check in with your mortgage company to verify that the additional amount is being properly applied towards the mortgage. If you can pay two full months of extra mortgage a year, for the life of the loan, you could pay off your home in almost have the time! Imagine how much you are saving your family in interest.
If you have a mortgage, its NEVER too late to get started paying extra towards the principal. The first home I ever bought; I was only able to pay a few dollars extra principal a month. It still saved me several months of mortgage in the end. My mother paid extra towards her mortgage every month. She was able to save herself several years of mortgage.
You are a proud homeowner, and you should be! Your hard work, discipline, diligence, and patience paid off. For some families reaching this goal may seem over the moon, while for others it is what dreams are made off. Regardless of what path you took to reach this dream, it’s time to really live that it You have started to invest in yourself, and your family; now, have that investment pay you dividends one cent at a time.
Some images have been gathered from www.pexel.com (copyright free website). A heartfelt THANK YOU to my lender advisors Clay Greenway and Sebastian Rivera, for all the information you provided, and all the questions you have answered.
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