And Some Must-Read Reasons Why You Need To Step On That Pedal…
Ah… finally your dream wedding date is getting closer.
The euphoria of exchanging wedding bands and vocalizing those sacred vows (practiced and drilled in front of the mirror to immaculate flow… as if you’re Nicole Kidman herself – about to snatch another Golden Globe.)
So much excitement!
Yet, so much unknown…
You feel so tingly on the inside. Stomach butterflies and all. And there’s so much planning, your head is spinning like you just got off of a gargantuan Six-Flags coaster.
…all these
Nagging but nevertheless important things, like:
Location: Local Country Club vs Tropical Island Retreat setting … unless it’s an uncomplicated and strangely satisfying Drive-Thru ceremony in Vegas – and just the two of you on the open road
Hair styles… J.Lo’s half-up ‘do vs Reese Witherspoon’s side part with a generous cluster of curls?
Wedding dress decisions… Cinderella sparkling white vs Elvira tar black … just messing with you :p
Menu selection… Will it be a celebrity chef style catering op vs a local comfort neighborhood restaurant where you know everyone by name?
The Cake… Snazzy $1K masterpiece vs 76 packages of Hostess Zebra Cakes stacked 3 feet high, with Leggo pieces for bride and groom figurines.
Music… Will it be your schoolfriend who just happens to be a DJ now vs a Greek Goddess on a Harp or an exorbitant 6-Piece band or all three of them? …because you would never put your dear guests through a 6 hour ear-bleed set from a high school squad of torn-jean ‘Pixies’ wannabes, right?
Video / Photo… Your friend’s nephew who’s fresh out of film school and an aspiring Stanley Kubrick director vs an actual pro with years of experience in wedding video.
etc, etc…
I don’t have to tell you, because you already know – the above list is truly endless.
But…
Where Are You Going To Store it All?
What’s equally really important though, is where you’re going to rest all of that Wedding Registry haul. You are planning on setting up that registry… yah?
(Because some of my more enterprising girlfriends in college were fantasizing about throwing a wedding just for the sole purpose of cashing in on all the registry gifts… then later figuring out that whole marriage part. )
In other words you know you need a house. Preferably a spacious one. Trust me on that spacious part, I’m saying this from experience!
When I married my sweety-sweets 7 years ago, our apartment rental life got stale faster than our wedding leftovers.
And paying rent at this point felt like a shoebox of cash was blowing out of the backseat of my car window all over the highway – right on schedule – every 1st of every month.
Mom used to end our conversations with: Why in the world are you signing away more than half of your paycheck to a landlord at your age? (I was 24 at the time)
That got me seriously thinking…
… she was right. Why am I investing more into my landlord’s future – than into mine and my husbands? A few year’s worth of rent was easily a down payment on a decent pad of our own.
Things are even more alarming these days, than they were 7 years ago…
Renting is not getting any cheaper and:
Why You Want To Lock Down Your First Home FAST!
Aside from the obvious of having a place to drool on your pillow at night at – and make all of your wonderful married memories, here are some major reasons why you want to get on the ball NOW. ( Ok, I don’t mean to freak you out with that “NOW”, but really, there’s a BIG reason for this urgency. In a minute you’ll see why.)
Amazing Programs For First-Time Homebuyers.
Your groom’s parents, still high on those wedding spirits just might help you out with the down payment on your future castle. But just in case you don’t hear from them once the booze wears off, there are First-Timer programs you might want to take advantage of.
There’s an age-old myth floating around – is that you must have a 20% down payment.
Well, not really.
Lucky for you now that you’ve found me and you’re reading this – you, my dear girlfriend have better options!
For instance, right now there’s a program where you could put down only 3%, if your credit score is at least at 680 mark. You won’t even need mortgage insurance and you could borrow as much as $453,100!
If your credit is not exactly spotless, don’t despair – we’ve all been there. ( For instance – my credit was 644 when I started looking for a house… wish I could burn those student loans )
Check out how Sadie practically looted the mortgage lender and got away with 5% down payment – while her credit had been on life-support at 600!
…and speaking of loans. If you haven’t tracked down a reputable Mortgage Advisor, read here why you want to do that first. (Yep … way before you start looking at properties …trust me on that my dear girlfriend, you’ll thank me later)
Bet Ya Didn’t Know About This One…
You just might get $2,000 this year …and next year …and the one after that (for the life of your mortgage)
This little loophole is called Kentucky’s Home Buyer Tax Credit.
A home-buyaaa-what?
It’s a benefit available to you, only in Kentucky. This means THOUSANDS of dollars back in your pocket!
Here’s the deal:
- You’ll get back 25% of your mortgage interest each year.
- Up to $2,000 a year (dollar for dollar reduction of your federal income taxes).
- You can still claim the remaining 75% of the interest as a yearly tax deduction.
- You’ll benefit from this tax credit for the entire lifetime of your mortgage (every year you occupy the home).
- Helps you qualify for a new home by reducing your debt-to-income ratio (DTI).
- Maximum purchase price is $271,164 to qualify. Income limits vary depending on your county.
Most first-time homebuyers qualify for the tax credit, but few know about it. Well, YOU do now…
All that money saved on interest could go toward:
- That elegant honeymoon of your dreams
- Holiday decor for your housewarming party
- A new crib for the baby room
- Or even new landscaping or a kitchen remodel
See if you qualify to can take advantage of this tax credit benefit.
… Aaand Here’s That Reason I Mentioned to You Earlier, Why You May Want To Jump On This:
This one’s a biggie…
Rising Interest Rates.
There was a sudden jump in interest rates this year. And they’re expected to increase even more.
What does that exactly mean for your future as a first-time homebuyer?
… you’re pretty much doomed.
JK. It’s really not the end of the world …yet.
But this will directly impact the amount of money you’ll end up paying over the span of your loan.
That Half a Percent Could Easily Cost You Thirty Grand!
Even half a stinkin’ percentage point increase could add $20K – $30K or more to the overall price of your home. That’s a few vacations to Hawaii or Europe. That could also mean your future kid’s college fund. Or a shiny new ride (if you’re only half as selfish as I am).
The longer you put off getting pre-approved – the more you’re gambling ending up with higher monthly payments.
What’s With That Pre-Approval Thing Anyway?
I know, you see this thing everywhere, but what does it really mean? And why should you even care?
I’ve had all those annoying questions too… so don’t feel bad.
After I learned what Pre-Approval means, this changed pretty much EVERYTHING.
Keep reading … this just might save you massive skull-splitting headaches. ( I did have a few of those along this confusing path to homeownership)
Interest Rates are Climbing Every Day.
The only defense you’ve got against that – is getting your rate locked as fast as you can.
The nice thing about getting pre-approved is: if you lock your rate right now, it gives you full 3 months to house hunt.
But it doesn’t end there.
Here’s the real kicker. And this is between you and me only…
Since it’s “Seller’s Market” in Kentucky right now, there are waaay more house-hunters than houses! True story. (maybe you’ve even already experienced it first hand…)
The reason I’m telling you this, is because having the Pre-Approval letter from your lender is…
Worth its Weight in Gold…
A bit dramatic …maybe, but hear me out.
When you show up to that next open house with the Pre-Approval letter – guess WHO the seller is going to give more priority to?
Certainly NOT your competition, who will most likely show up empty handed and unprepared. ( unlike you of course… my informed girlfriend)
That’s right – when you have your Pre-Approval letter – you’ll have an ULTIMATE edge over your competition. The seller will pick a prospective buyer who has the Pre-Approval letter EVERY TIME!
While those clueless dunces are moseying around the kitchen – looking for a perfect spot for their shiny new Kitchen-Aid – YOU my friend are going to be chuckling in the living room with your future hubby, because – you KNOW WHO will be strolling out of there with the set of house keys …all gangsta-like.
And THAT – is the magic power of the Pre-Approval letter.
Need I say more?
…you still here? You really should be haulin’ a** to snag that home of your dreams before someone else does. Jump on that Pre-Approval today.
Angie Taylor.
P.S. Hope I was able to clear some things up for you today. If you have any questions whatsoever – we’ve got your back. Hit us up on Messenger anytime.
Angie is a Mortgage expert writer and recent mother of two. When she’s not pecking at the keyboard bringing you all that great info — she can be found in her backyard hot-tub, deep in action packed fiction novels, or playing catch with Joey, her brown lab.