{"id":48711,"date":"2021-09-10T19:10:56","date_gmt":"2021-09-11T02:10:56","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=48711"},"modified":"2022-04-11T14:10:45","modified_gmt":"2022-04-11T21:10:45","slug":"5-things-to-know-before-house-hunting","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/5-things-to-know-before-house-hunting\/","title":{"rendered":"5 things to know before house hunting"},"content":{"rendered":"

1. Something you should know, but probably don\u2019t: Your credit score<\/strong><\/h2>\n

Before house hunting for your organic vegetable garden, wrap-around deck, and stainless steel appliances, you need to make sure you have a credit score<\/a> that will make the banks proud.
\nIn general, the higher your credit score is, the lower your interest rate\u2014which means more cash in your pocket.
\nIt\u2019s also smart to talk to some banks to get pre-qualified for a mortgage<\/a> based on your credit score before you really start house hunting. This way, you\u2019ll get an estimate of how much you can comfortably afford before diving in.
\nLuckily, there are lots of online resources for finding out what your credit score looks like.<\/p>\n

2. There will be changes to your current budget<\/strong><\/h2>\n

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\nThink about your current monthly budget. Most people spend a hefty chunk of their income on basic living expenses, like food, insurance, gas, rent, utilities, and caring for any dependents or pets. Understand that once you have a monthly mortgage to pay, budgeting<\/a> will become your best friend.
\nYour weekly trip to the movies, daily Starbucks, or weekend shopping splurges might become a little less important to you than paying your mortgage bill on time, so make sure you outline and address all of your current expenses accordingly.
\nHow will you address and adjust to these changes, you ask? Decide on what the most important things in your lifestyle are, and what can be cut back. To help organize your finances, there are a handful of tools out there to help you keep track. Mint.com<\/a> is a great (free) way to start.
\nBefore you start house hunting, you’ll need to settle on a price range<\/a> for your new home that makes sense for you based on your monthly spending to ensure you can meet your mortgage payments.\u00a0Try our mortgage calculator<\/a> to calculate your monthly mortgage payment to get a better idea of the sort of financial commitment you\u2019re looking at.<\/p>\n

3. Would it restrain other savings or life goals?<\/strong><\/h2>\n

Of course, your main life goal is to become a homeowner, right? Why else would you house hunting? However, you should make sure to keep other goals in mind if they\u2019re an important aspect of your future.<\/p>\n