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A young family’s first home: What couples with young children should keep in mind

2022-07-01T17:22:27+00:00
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The purchase of your first home is one of the main investments you will make as a family. It is an investment that can be very fruitful both in the short and long term, which will benefit the whole family. Putting a roof over your head will allow your children to grow up and have a happy childhood.

Buying a house may seem like a challenge, but there are ways to grow your wealth without affecting your financial life, such as mortgage options through institutions such as Rocket Mortgage or benefits from the federal government. Do you want to know everything should you keep in mind when buying your first home? Continue reading!

Benefits for first-time buyers

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First-time buyers are faced with several questions, but perhaps the first one is «How can I get a mortgage loan and how much do I have to put down?» For this, you can consider the options offered by financial institutions such as Rocket Mortgage, which makes it possible for you to buy a house even when you do not have the cash for a huge down payment.

Experts recommend, among other things, that first-time buyers follow a research process before making a decision, since there are numerous options such as loans, subsidies and personalized plans according to their financial situation; These are granted by the government or institutions specialized in home loans and mortgages, such as Rocket Mortgage. Learn about all your options here!

Whose name will be on the title?

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Remember that a house can be one of your best investments but, like any financial decision, it requires some research to make a decision that benefits your interests. This includes defining the legal details involved in buying a new home. For example, whose name will be on the title? You have several options for this, such as sole ownership, shared tenancy, or co-tenancy.

The first option is particularly favorable when your credit score is considered «good». As for shared tenancy, the two people will have equal legal possession of the property, while in the last option, one person could own a smaller percentage of the property, depending on their credit history.

Location

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Location is one of the factors that will have the greatest influence on the return on investment of your new home. For this reason, it is essential to know what kind of development is going on in the long- and short-term in the area you are considering. It’s also important to research the safety and schools in the area.

All of this could indicate how much your property may appreciate in the future. Visit the neighborhoods, talk to people who live in the area and consult with real estate agents about the plans for commercial or residential expansion in the surrounding area to determine if it is a good long-term investment.

Amenities and services near the house

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If you are looking for a house where your children can grow up, it is also important to consider the added benefits of the mortgage you’ll be paying. For example, the amenities and recreational areas near your new home, as well as the hospitals, schools and other services that will be necessary for you.

Check with your real estate agent to find out what your options are based on your budget and financing plans. You might be surprised at how much your money can yield compared to paying rent indefinitely.

Number of rooms

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The floor plan of the house you will buy should align with your plans for immediate and future family members. If you’re still thinking about having children, consider how a house layout works best for you, depending on your preferences — from open floor plans to two-story houses with multiple rooms.

The number of bedrooms or the possibility of refinancing for the construction of new areas will also be a factor that will help you decide on a property, since you will be able to draw up long-term plans according to family needs.

Mortgage duration

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Financial institutions typically offer 30-year mortgages, but if you’re interested in paying off your home in a shorter term, you may want to explore the options offered by Rocket Mortgage, which has plans from 8 to 30 years. This gives you financial flexibility adapted to your context and needs; in some cases, interest rates are lower, helping you save thousands of dollars over the long term to invest in other areas of your home.

Before making a decision regarding the term of your mortgage, consider your current financial situation and the way in which the purchase of your house will adjust to your economic dynamics from now on. Thus, you will be able to make a successful investment that does not represent a burden for you.

Refinancing may cause finance charges to be higher over the life of the loan.

Rocket Mortgage, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226 Licensed Mortgage Banker-NYS Department of Financial Services; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking –​ License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. ​Conditions may apply.

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