3 Budgeting Tips For Maryland First Time Homebuyers

3 Budgeting Tips For First Time Home Buyers to Help Make Your Mortgage Payments Easier

Buying a new home is a very exciting time, but excitement can easily turn to stress (and horror) if there isn’t enough money to pay the new monthly mortgage bill.  The added expense a your new mortgage can take some time to get used to, but there are ways to make the payments easier, especially in those first few months when money is the tightest.

Prioritize The Mortgage Bill And Pay It Immediately

This may seem like a counterintuitive tip for anybody looking for help making mortgage payments, but it is easily the best one and additionally the one that provides the most trouble for homeowners.  Paying your mortgage comes first, beyond almost anything else.

Even paying late should never be an option.  Late mortgage payments come with hefty fees that make it harder and harder to pay the next mortgage bill in full and on time.  It’s a very slippery slope that can very well end in foreclosure if the mortgage bills go unpaid for too long.  So avoid starting down this dark road, it leads to failure almost every time.

Don’t Get Carried Away With Household Spending

What’s the first thing most couples do after finally purchasing their first home?  You’re right they buy new furnishings… new TVs, new couches, tables, wall décor, etc, etc, etc.  Especially in times where they moved in from a smaller apartment to a larger home, filling in the empty space is usually at the top of a new homeowner’s list.

Spending sprees are all too common after moving into a new home. There are all these extra rooms that need to be furnished and extra space that needs a larger television or another sofa.

SO JUST STOP… and exercise some patience.

These purchases will severely limit the mortgage budget and could potentially lead to late payments right from the start for anybody who gets too carried away too fast.  Put a budget in place for new furniture and stick to it so that there is always money for the mortgage.  Because as we said earlier, paying your mortgage payment ON TIME is priority #1, ALWAYS!

Consider Your “New” Housing Costs The First Few Months

The biggest change for anybody moving into a new home is the extra expenses they aren’t used to paying.  In some cases water, power, heat, air conditioning, lawn care, home maintenance, internet and cable are all things that may be included when renting, but won’t be covered anymore when you make the decision to purchase your home.  Once those bills start coming in it can be very alarming, so always plan ahead.

Sometimes it doesn’t matter how careful and conservative you are, your budget can take a huge hit if you are expecting to pay the same as they were when they were renting their previous home.  So, it’s a great idea to always wait the first few months before making any major (or even minor) purchases, so as to give yourself time to get used to the new monthly bills that will be waiting for you as a homeowner.

Any questions you may have regarding the home buying process and how to best prepare, turn to ExecuHome Realty, we can’t wait to help you realize your dream of home ownership.  Call us today at 443-632-3800, and start the journey today.

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