You want to buy a house but you’re not sure if now is the right time with all the variables up in the air. It’s a big decision and one that should not be taken lightly. If you’re thinking about purchasing a home in the next few years, here are some things you should give some consideration to as it relates to your budget.

So, you’re not sure where to begin or where to go? The best thing you can do is apply with the mortgage company, let them run your credit, and provide them with supporting documentation that they would need. This is to help you evaluate today what you can afford. Evaluating today what you can afford does not necessarily mean go buy a house today. What it does mean is a glimpse into where you are right now and where you need to be to make your home buying a reality. Let the lender run your credit. Maybe there’s something on your credit that needs to get fixed like paying off credit card debt or paying off a car loan. Maybe you’re embarrassed because there’s too much debt. Everybody must start somewhere. Supply them all the income supporting documentation including tax returns (if you’re self-employed) and W2. If you’re a W2 employee let them run some payment-to-income ratios. How much your income is must work in connection to a down payment today or how much of a down payment might look like for you in the future based on where you are financial. Buying a house and making sure you get a good loan to fit that purchase is like baking cookies. If you put in too much of one ingredient, the cookies are going to come out wrong. Yet not enough of an ingredient, the same thing happens. You need to have the right balance.

A quality mortgage lender can articulate where you are right now today. They can give you an action plan of things to do in the future so you can better your financial position and have a game plan together. A good mortgage lender will do this versus just throwing a bunch of numbers together, learning maybe you don’t qualify right now, and then just throwing in the towel. Good lenders that have the long-term thinking approach in mind are easily your best bet. Sadly, that is not one of the big mainstream national online mortgage companies. You want a lender who understands how paying off debt can influence your ability to borrow. How changing your credit score can mean the difference between buying a house in one neighborhood versus another. Contrary to widespread belief, not all loan officers have this ability. There are a select few out there that do. So the best piece of advice you can do is to apply with a mortgage company and supply them with everything they need as if you were to try to qualify for a house today. It’s an exercise to learn where you are today where you’re going and what it’s going to take for you and your family to get there by working with your lender over time.

If you’re looking to get a mortgage and want to understand where you are financial as it relates to your ability to purchase a home, start today with a no-cost loan quote!