Experiencing firsts are some of life’s most memorable milestones. Do you remember buying your first car? If so, you know that it’s a defining moment you can’t forget. Though each purchase brings excitement, it doesn’t always take the stress out of the equation.
As you may have heard, buying a house is one of the biggest purchases in life. Such a great decision comes with great responsibility and, in turn, can bring just as much stress. Anyone who buys a house will have a unique experience. Some may have a straightforward transaction with little to no hiccups, while others may hit several bumps along the way, attributing to several variables that are both in and out of the buyer’s control.
If you are on track to becoming a first-time homebuyer, expect a long journey ahead. Rest assured, our loan officers pride themselves in relieving the stress of their clients to ensure their experience is as smooth as possible. While your homebuying team works in the background, here are some suggestions to apply to your homebuying journey when it becomes stressful.
- Why is Buying a House So Stressful?
- Why Are You Buying a Home?
- 6 Ways to Relieve Stress During the Homebuying Process
- How RWM Home Loans Can Relieve Homebuying Stress
Why is Buying a House So Stressful?
Buying a house is no easy feat. Nevertheless, you don’t need to worry since you won’t be going through the process all alone. With a professional real estate agent and experienced loan officer working in your best interests, you will be in good hands throughout every step of the process. There is also a team behind the scenes that contribute to your homebuying processes, such as the transaction coordinator on the real estate side, processor, underwriter, and more on the financing side.
Despite having a great support system behind you, why does buying a house become stressful? A homebuying transaction goes far beyond a regular transaction if you were to buy something at your local retail store. Buying a home with a mortgage involves ownership and transfer of property, a variety of closing fees, and verification of documentation. Though these processes may sound intense, all steps are set in place to ensure a successful experience.
Also, it’s no surprise that things can go wrong or become confusing when buying a home. You’ll encounter terms you’ve never heard of before and dive into many unfamiliar processes, such as pre-approval, inspection, appraisal, contingencies, and more. Even if this isn’t your first time buying a home, each situation is different, making stress an inevitable feeling. Even though you may be mentally prepared, it can still be a lot on your mind to think about what may happen during the process.
Why Are You Buying a Home?
Before diving into the process headfirst, think about the main reason you’re buying a home. By figuring out the defining reason, you will remember this as you go through the process as a motivator to make the right decisions and reach your goal to close.
There are several reasons why one buys a home, such as relocation, upsizing, investment opportunities, independence, avoiding renting, and more. What’s your reason for buying? Whether you are purchasing on your own or with another party, we recommend you discuss in length with yourself or other buyers why you’re buying a home. Everyone must be on the same page throughout the process to ensure all goes as smoothly as possible.
Once you figure out your defining reason for buying, don’t be afraid to communicate that with your homebuying team. Your real estate agent and loan officer will have a clear picture of your future goals and help you make decisions that make the best sense for your situation.
Now that you know your main reason for buying a home, keep that reason in mind from the start of the process to the finish! There may be times during the process when you become overwhelmed and lost, doubting your desire to buy a home. Your reason will keep you afloat and drive you to finish the process and meet your homebuying goals.
6 Ways to Relieve Stress During the Homebuying Process
Because buying a home can be a long process, it may impact your daily life, especially if you are consistently communicating with your homebuying team to ensure everything is on track. It’s important to reduce stress as much as possible to maintain a healthy mindset about it, especially if issues arise to your surprise.
1. Get pre-approved
First and foremost, make sure you are pre-approved! Being pre-approved is the initial step of getting a mortgage and is required to continue the rest of the process. To get pre-approved, you need to submit several items to your lender, from tax documents to bank statements. A pre-approval is important because when your lender reviews the items you submitted, they come back with a pre-approval letter that tells you how much you are qualified to buy. Some realtors will not let you tour homes without a pre-approval letter because they need to know you are a serious and eligible buyer.
RWM Home Loans offers a Pre-Flight Program where our underwriters will issue you a complete credit underwrite while you’re shopping for a home. This allows you to close in as little as 17 days once your offer has been accepted.
2. Be Confident in Your Decision
The most important thing is to be confident when buying a home. Getting a mortgage will be a large portion of your finances over time, so being on the fence about your decision should be out of the question. If you are unsure whether you should buy a home right now, that’s okay! There will always be an opportunity to buy a home, and it may even make sense for you to wait. It all depends on your financial objectives, which your loan officer should discuss with you.
As we mentioned, it’s probably best to ask yourself why you’re deciding to buy a home and put your priorities in order.
3. Be Flexible and Lower Your Expectations
Going into the home buying process is not always a straight, clear road. You may research beforehand what to expect, but even then, every homebuying experience is not as similar as they seem. Also, when it comes to your inspection, appraisal, funding, and other standard processes, things can turn in different directions quickly that may come as a surprise or even disappointment. When this happens during the process, try to keep an open mind. Instead of being down on what didn’t go your way, ask questions to your homebuying team! They serve to help you understand every bit and piece of the process, no matter your current knowledge level.
Remember to be flexible about any changes and mindfully prepare for what may come your way. By lowering your expectations, you become welcoming to the homebuying process and can come out of it a more empowered and educated homeowner.
4. Communicate With Your Agent and Loan Officer
You must be familiar with the phrase “communication is key.” Even though this phrase is common when referring to relationships, the same goes for the relationship between you and your real estate agent and loan officer. When buying a home, communication is more than key; it’s critical. You shouldn’t feel uneasy reaching out to your real estate agent or loan officer with any questions. They encourage it to make sure you understand what is going on with your mortgage.
If you have a stand-up real estate agent, then they should communicate with you regarding every question, concern, and decision you have with proper discussion and analysis. With a good loan officer, they will explain all the financing details to you without a problem and explain any costs that may concern you. A professional loan officer will not only know all the details of your potential home to ensure it aligns with your goals but will also educate you so that you are not left wondering.
Another thing to note, it may be wise not to discuss the details of your loan and homebuying situation on any public or online forums. You may likely get a mix of responses that don’t apply to your unique situation, which will cause you to think differently and maybe even irrationally.
5. Keep Everything Organized
The homebuying process involves so much documentation, disclosures, contracts, and everything in between, that organization will be your best friend. Most lenders like RWM Home Loans have transitioned to an electronic process where you can sign documents digitally, through a portal such as our Fluid App, which makes it easy to sign and store documents. Nevertheless, all documents related to the homebuying process should be saved in a folder that you have easy access to. These include your pre-approval items, closing estimate, offer on a home, disclosures, inspection reports, and so much more. So much that it may make your head spin! That’s why it’s important to stay organized so that you can refer back to these documents and files in case you need them. This will also help you go back to things you may have missed or have questions to ask your agent or lender about.
6. Maintain Your Finances
Buying a home is not a low-cost purchase. How much money you are expected to put into the process depends on several factors, such as the home price, your down payment, interest rate, and more. Before getting pre-approved, you should be financially comfortable to move forward with the process and cover the costs. We recommend keeping a cushion in your homebuying budget in case you need to spend on unforeseen costs (which can happen). Maintaining your money on a steady level throughout the process will help you focus on the asset at hand, the home.
Another reason to maintain your finances is that opening a new line of credit or buying a large purchase can affect your credit score and interfere with your loan approval. While credit scores can be repaired, you don’t want to think or worry about not being able to close or spend on other purchases until the big one is complete.
How RWM Home Loans Can Relieve Homebuying Stress
Our loan officers at RWM Home Loans have extensive experience helping homebuyers have a seamless and stress-free homebuying journey. While we provide excellent customer service to ensure your goals are heard and met, we also have the tools and programs that may relieve some of the stress you induce from the process.
Pre-Flight Program: Our Pre-Flight Program allows you and your agent to shop for your dream home while we get you fully pre-approved. In a highly competitive market, you will have an edge against other buyers by being able to offer the seller a pre-approval letter and the ability to close quickly. Shop for your home with ease without worrying about being qualified!
Temporary Interest Rate Buydown Options: In a market where rates are relatively high, budget may be of concern to you when looking for a home that doesn’t strain your wallet. With our temporary interest rate buydown options, your monthly mortgage payments can be reduced for the first two years of your loan (depending on the buydown chosen), saving you money and getting you closer to homeownership.
17-Day Close Guarantee Program: Trust our process when you infer about our 17-Day Close Guarantee. When you receive a certificate from one of our loan officers and your offer is accepted, our team will relieve the stress of waiting and battle the clock by getting you to close within 17 days. If an offer to purchase is accepted and the loan does not close within 17 days due to a lender-controlled delay, RWM Home Loans will provide a $500 credit to you at closing.
In addition to the amazing programs above, we have several different ways to cut costs and save you money. Our loan officers serve your best interests and will work closely with you to address any concerns you may have and keep you feeling content and without worry during your entire homebuying experience.
Ready to Buy Stress-Free?
Are you ready to step into your homebuying journey stress-free? Remember that it won’t always be what you expect, and prepare for surprise changes or updates to what you originally planned. By getting pre-approved, maintaining reasonable expectations, and communicating with your homebuying team, you can freely enjoy your experience and know more about homebuying and mortgages than you did before. At the end of the day, your main reason for buying a home will be your ultimate motivator to keep pushing to the finish line.
Don’t forget to check out the tools and programs we have at your disposal that will get you one step closer to homeownership. If you’re still unsure if buying a home right now is the best decision, check out our pre-homebuying guide on figuring out if you’re ready to start the process or find a loan officer near you to discuss your options.
