First Time Homebuyers – Are You Looking For Your Forever Home?

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New Homeowners In Front of Their HomeWhen you’re finally ready to buy a house, it can be thrilling.  You finally get to make the choices you’ve been dreaming of.  Ranch or two-story?  Carpet or wood?  What neighborhood are you looking in?  Are the schools good enough?

There’s one very important question that many homeowners aren’t answering, though.  Are you buying a starter home, or a forever home?

Many first time homebuyers today are waiting longer to buy, and are moving away from smaller, “starter” homes.  These buyers have saved larger down-payments or have higher-paying jobs than traditional first-timers, and may not want to trade up, but to buy the home they’ll raise a family and retire to.

So what kind of a buyer are you?  Here’s a few things to think about when making your decision.


What stage am I on?


Are you newly-married?  Have you been settled for years?  Do you have children?  Are you going to have MORE children?  All of these help determine what sort of home you want to look for.  If you’ve been living in an apartment, you may be tempted to buy exactly the size of home you need – give the kids their own bedrooms, for example.  Well, if you’re planning on adding to your family, that doesn’t quite work.

You can also try to hedge your bets and buy a home that can be expanded.  Or you can go all-in and buy a home with extra bedrooms, depending on your budget.  Your situation affects your shopping.


Am I looking to move up on the sale?


The value of your home will generally rise, but think of it this way.  If you’re buying a smaller home, you may not be able to sell it for as much money, but you can make more of a profit if you have higher equity into the home.

Taking a shorter loan or having a larger down payment can help you make more on the sale, and move you into a bigger home after a few years.  If you buy a forever home, this isn’t really a concern.

When you work with The Home Loan Expert, Ryan Kelley, we work with you, step-by-step, to make sure that you get the lowest rate possible.  These tips will help you when you’re looking to buy a home in St. Louis, Chicago, or Indianapolis. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-6438, or Indianapolis at (317) 550-1515. You can always apply online at, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?