Parade of Homes

22 PARADE of HOMES SPRING 2024 Where should prospective new homebuyers begin? Miranda says the first step is for clients to define their long-term goals. Is it a forever home, a starter home or are you planning future upgrades? This understanding can inform your options now — and in the future. For instance, if you're planning to sell your home within five years, you may not see the return on investment for the upgrades you're planning now. On the contrary, if you're planning to stay long term, then it may be worth it to invest in something that improves your quality of life or enjoyment of your space — such as investing in a more expensive countertop that better suits your tastes if it's your forever home. She advises giving careful consid- eration to the cost of immediate upgrades on a new build or whether you will want to make changes down the road — even things like new furniture. "Homebuyers should review their cash flow and really consider the cost that comes with owning a home, such as property taxes, fire insurance, disability insur- ance and planning for savings for unexpected items like repairs," she says. The better you can understand your situation, the better you will be able to make decisions that can navigate high interest rates over the long haul. Applying for pre-approval is the next step. "The first meeting is getting to know each other, gathering the personal details and informa- tion to both understand how much house you can afford and how much you are comfortable spending based on your financial goals," Miranda says. "The lender will also review your options to help you find the mort- gage solution that works for your unique situation." Once information is complete, pre-approval generally takes about two business days. It's important to be conscious of the mortgage details even during the pre-approval process. "Pre-approval is generally good for six months," Miranda says. "Each mortgage is accompanied by a rate guarantee, meaning you'll have time to explore your options and find the home that's right for you. If rates go down during this time, you'll benefit from the new rate, or if rates increase, you'll be protected by the rate guarantee." Once an offer has been accepted, it's time to hammer out further details — and find the savings. "With an uncertain interest rate market, it's extra important to be mindful of your budget and total housing costs, including leaving room for the unexpected. It's really about ensuring you have adequate cash flow and can enjoy a comfortable standard of living," she says. "And that includes leaving room in your budget in case rates continue to increase or putting aside some extra savings, which could be used to help you pay your mortgage off faster. With some mortgages, you have the ability to pay your mortgage off early with prepayment privileges." Next, consider how you might customize your payment frequency to match your payday schedule, making it easier to track your expenses overall. Payments could be biweekly, monthly or some other variation. Every mortgage comes with options, including the amount of your down payment, your mort- gage term length and whether you opt for variable or fixed rates. Partnering with a lending specialist is crucial because they'll be able to guide you through all your options so you can choose the solution that best fits your needs. "Discussing the options with your lender is really important to build that professional relationship," Miranda says. "Our goal is to build a lasting relationship with our members so that we can continue to provide you with advice and guidance far beyond the length of your mortgage." Mortgages cont. is getting to know each other, gathering the personal details and information to both understand how much house you can afford and how much you are comfortable spending based on your financial goals." THE FIRST MEETING " – JILLIANE MIRANDA

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