5 Reasons It's Easier Than You Think to Buy a Home Before Baby Arrives
When you’re starting a family, it’s only natural to want to move to a home you can grow into. If that sounds like you, starting your search now is a smart move for a number of reasons. First and foremost, you probably want more space for your new little family member. Plus, if mortgage interest rates stay low, you could lock in a lower monthly payment that’ll help make it easier to save for your future. (And yes, it’s all still possible even in the current climate.) Read on for more reasons it’s worth it to start the search sooner rather than later—plus planning tips and tools that’ll simplify the buying process.
We can’t make any promises, but there are tons of ways to speed up the home-buying experience if you’re worried about getting it all done before baby arrives. For example, Rocket Mortgage® streamlines the process with its convenient online platform, so you can apply for a mortgage whenever and wherever is most convenient for you, on your time. Its Verified Approval* allows you to know your ideal budget by pulling your credit and taking a look at your income and assets to determine what you can actually afford, so you won’t waste time looking at houses that aren’t a good fit. Plus, it lets the seller know your offer is reliable, since financing problems are one of the main reasons a sale could fall through or be delayed. That’s major peace of mind in these uncertain times. Through it all, Rocket Mortgage’s 24/7 service is available via chat, email and phone to expedite the process, since you won’t be stuck waiting on typical bank hours for someone to get back to you.
Think about all the places you’ll go while buying a home: the showings, of course, but then also likely the closing and a final walk-through once you find the place of your dreams. You may even need to meet with a home inspector or take care of other time-consuming tasks, like packing boxes for the big move. All of these meetings and to-dos are a whole lot easier to handle without a newborn keeping you busy (not to mention messing with your sleep!). If you do it now, you won’t need to plan around naps and feeding times, lug around a stroller or baby carrier, or even hire a sitter.
Believe us, parents-to-be love to nest. Of course, you’re going to want to prep your home for baby, create a nursery, and set up stations for diaper changing and feeding. But in a new place, you’ll be able to start from scratch. Plus, you’ll want to babyproof by choosing cordless window treatments, a baby gate, and other safety gear that fits your new space.
And nesting applies to more than just what baby needs; you should also think about creating an environment where you’ll be comfortable and equipped for your new life. Maybe you’d love a guest room where visiting grandparents can stay. Or bigger closets to store all the gear you got at your shower. How about a yard where you can set up an outdoor play area for when baby gets bigger? Browsing new homes now allows you to choose a space to better suit your growing family.
You may have heard that a 20 percent down payment is required for a home loan, but that’s no longer the case. In fact, you may be able to put as little as 3 percent down** (or even nothing at all!), depending on the type of loan, the property type, your credit score and other factors, so explore your options. With a lower down payment, you may not need to save up as long to be able to afford the home you want.
To figure out what’s in your budget, check out an affordability calculator and then crunch the numbers to find your estimated monthly mortgage payment. Once you figure that out, you could apply for preapproval (this could give your offers extra oomph during house hunting). With Rocket Mortgage, instead of tracking down all of your financial documentation, you can quickly import your bank information online to get accurate, verified numbers without a huge hassle.
Imagine the day you bring baby home from the hospital. You’ll be welcoming them to the place they’ll likely have their first steps and say their first words. A general home-buying rule of thumb is to look for a place you’ll be able to live in for five years or more, so this might even be the home they leave on their first day of school! Once baby arrives, you’ll be able to sit back and watch that little person grow as you make family memories in your new space. How priceless is that?
If you’re ready to buy a home, start with Rocket Mortgage. They’re a lender that’s simplified the mortgage process by creating a personalized, convenient and clear experience centered around you. Visit RocketMortgage.com to learn more.
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*Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, debt, property, insurance, appraisal and a satisfactory title report/search. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Quicken Loans’ control, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close, you will receive $1,000. This offer does not apply to new purchase loans submitted to Quicken Loans through a mortgage broker. Additional conditions or exclusions may apply.*
**The 3% down payment option is only available on certain conventional loan products and is not available in all states. Additional terms and conditions may apply.
Disclaimer: Quicken Loans, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states.