I’m happy to partner with Chase, which is helping to make the homebuying experience easier during this busy homebuying season.
Three years ago we bought our first home. Homebuying was a thrilling experience, because to someone like me, owning my own home (complete with a white picket fence) is really fulfilling the American dream. I enjoyed it all… going to open houses, considering how many bedrooms was right for us, shopping for mortgage plans, renovating and updating to our taste- all of it.
Homebuying today is so different than it used to be. We could search homes for sale online, email sellers our questions, and even take virtual tours of homes online… way more DIY than it used to be, when you depended on real estate agents to tell you which homes were available for sale, schedule appointments to visit a home for you, and negotiate on your behalf. Today many of these steps are done by the homebuyers themselves before even reaching out to an agent. One of the biggest aspects of buying a first home people don’t want to tackle alone is choosing and securing a mortgage (most people- almost 3 out of 4- still prefer the guidance of a mortgage professional while considering their financing options).
Owning your own home, a place for your family to live in, and for you to create into your own perfect space, is an amazing goal. Our home is our castle, and homebuying is probably the biggest investment any of us will ever make. The only thing not good about the home buying process is making faulty financial plans, such as buying too much house, or picking the wrong mortgage for your long term financial goals. Are you buying a house to raise your family in, or as a stepping stone to a bigger home in the future?
Chase Mortgage Banking conducted a national survey with over 1,000 people, “Insights from the Mind of the Modern Homebuyer,” which shows the shift in homebuying trends over the years, especially as a result of today’s technology and digital tools:
– Did you know 72% of Americans buy a home with the intention of moving to a new home one day? Is it FOMO (fear of missing out) or just information overload that causes a sense of impatience?
– Did you know most Americans start the search for a new home by themselves, with most using their laptop or mobile device?
– Did you know most homeowners today invest in their homes because they realize the value of doing so (whether they plan to enjoy the improvements themselves of sell it with great value). Almost 40% of homeowners obtain or consider obtaining a Home Equity Line of Credit within the next five years, with the majority intending to improve their homes.
See the below infographic for more survey findings:
Our homebuying story
We used the internet to look in areas we wanted to live in and see what was for sale. We got pre-approved for a mortgage so we had an idea how much house we could afford (and still eat). We shopped around for our home every single weekend for months. As crazy at it sounds, when I first saw my house, I knew it was my house. We had seen literally dozens of houses up to that point, and it was the first time I got the feeling This is it. We put in our bid, and it took five months for the owner to accept it, and all the while I dragged my feet when making offers elsewhere because I knew that that house was my house (and I was very annoyed at him for taking so long to give it to me).
All that was left was finalizing our mortgage, and signing on the dotted line. I was so happy to march to our bank and tell them it was happening, and we scheduled dates for the closing. It took almost a month for them to go over our credit with a fine tooth comb and finalize our mortgage. My husband and I had to provide forms and proof of income and all sorts of information, and waited nervously to hear (and apparently it took longer than usual). I kept worrying “What if something turned up and they don’t want to approve us? Were we ever late on a credit card payment? Did we ever miss a bill? Am I not going to get the house I thought was mine?”
But finally, we got the call with our finalized rates, and I started to cry… it was really happening. I remember looking at my sons and thinking “finally… they’ll have their own yard, their own rooms.” Owning our first home is definitely one of my proudest life achievements.
To begin your journey to the front door and learn more about Chase Mortgage Banking, visit Chase.com/homebuyers where you can also find out more on the survey and homebuying tools and tips. Chase is committed to helping people be in control of their finances no matter their stage in life.