Alana Benson
Welcome to NerdWallet’s Smart Money Podcast, where we answer your real money questions.
This week is another episode of our “How the Nerds Do It” series, where we chat with Nerds about how they’ve personally tackled the issues they write about every day. In this episode, we talk with Mortgage Nerd Kate Wood about how she bought a house.
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Our point of view
Mortgage Nerd Kate Wood really wanted to live with her dog. OK, there was more than that, but Kate’s pet played a big part in her decision to move in with her mom. She also realized that the rent where she lived was extremely expensive and that living at home gave her a serious opportunity to to save money.
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Once she had a advance payment rescued, Kate set to work buying a house. Along the way, she realized the importance of having the right real estate agent and that you shouldn’t be afraid to change them if they aren’t working for you. After Kate bought her house, she realized how much being aware that her income could fluctuate in the future had put her in a home that felt right to her. budgetbut this may not be the best option for her, as she now has a lot of repairs to do.
Kate also talks about letting go of FOMO, or the fear of missing out, in a competitive market. Just because other people are buying the supply doesn’t mean you have to give up the home inspection. Especially if there are arsenic poisoned wells.
Our advices
- Find a top-notch buyer’s agent. Note that you don’t pay their commission, so there’s no reason to compromise on a buyer’s agent.
- Stick to a price where the mortgage payment will work for you. Set a budget for everything that will go into your mortgage payment, including your principal and interest as well as costs such as homeowners association fees.
- Don’t succumb to FOMO. In a hot market, it’s easy to get discouraged and think you’ll accept anything. Make sure you really want this property – it’s not just a house, it’s your house.
Do you have a question of money? Text or call us at 901-730-6373. Or you can email us at [email protected]. To listen to previous episodes, go to podcast homepage.
The article Smart Money: How a Mortgage Nerd Bought a House originally appeared on NerdWallet.