5 Gifts to Ask for as a First Time Homebuyer

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Homeownership is an exciting time and an achievement worth celebrating! It’s also a large financial responsibility. During the homebuying process, it’s best to avoid large purchases until after you sign the closing contracts and receive your keys. Your finances are thoroughly examined throughout the mortgage process to ensure you can make your monthly payments. Large deductions to your bank accounts and additional debt on your credit cards can be a warning to your mortgage lender.

With gift giving season upon us, ask your loved ones for gifts that will ease your transition into homeownership!

Appliances and Furniture

If your loved ones offer to purchase items to help you with your new home, ask them for gift cards from your favorite furniture and appliance suppliers. Buying large items, like a refrigerator or new couch, before closing can cause problems in underwriting, resulting in loan delays and a high loan-to-value ratio.

Weekly Planner

There are only so many reminders you can have on your phone before you’re overwhelmed with alerts and alarms. A planner or calendar allows you to keep track of your expenses, budget properly, and plan seasonal maintenance accordingly, all in the same spot. Seeing a week-to-week breakdown of saving and spending can help you catch budget issues before they cause problems.

Lawncare

Are you moving from renting a unit to owning a home? Maintenance is one of the largest adjustments for new homeowners. While general tools, like hammers, screwdrivers, and drills are all important, don’t overlook the usage of larger tools, like weed whackers, lawn mowers, and snow blowers.

Grocery Gift Cards

After handling homebuying and moving costs, the last thing you’ll want to worry about is having to purchase food to fill your new refrigerator. However, making large purchases on your credit cards can reduce your credit score. Instead, having gift cards to local eateries and grocery stores allow you to get to know your new neighborhood through great food!

Fire Safety Tools

You can’t go wrong with having an extra fire extinguisher or additional smoke detectors. When you move into your new home, you’ll want to make sure the batteries in your detectors are changed and working properly. It may not be the most exciting gift to ask for, but you’ll be able to save your finances for more fun purchases, like décor or finishes that are perfect for you.

For a mortgage lender that can help you achieve your financial goals and get you to the closing table, contact us today! You’ll be matched with a licensed Loan Originator that will walk you through the process.