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Renovation

Lessons and experiences when buying a first home

I wanted to sit back and reflect on the last 9 months and how we went from renting an extremely small townhouse to living in a 2400 square foot home with a screened in pool.

As we all know 2020 was a tough year for many people and that included us. At the time in April 2020 my husband and I both worked for Macys in different roles. By April 2020 we were both furloughed without knowing what our next step would be.

Thankfully my husband was called back in 2 weeks so at least we had one income coming in. I went on unemployment, focused on my parents, dove into my social media, started my LLC and my blog.

In July 2020 I was called back to work and kept my salary which was a massive blessing. After that we realized that with the Cares Act and the low interest rates we could afford to buy a home. It was extremely stressful. Here’s what we dealt with:

  1. Competitive Market – As the rest of the country, South Florida’s real estate was hot in 2020 and still in 2021. Every house we looked at had a line backed out the door to view the home. It was extremely intense and disappointing process. Every time we went to look at a place it had a line of people going in to view it. So competitive! One time as we were looking at a space, an offer was put in and accepted. We never even made it to tour the backyard!!
  2. Ran our credit too soon – I regret going with the first mortgage broker/company so quickly and we ran our credit too soon so we really could not leave and move on to anyone else. I just did not want to go with someone else and run my credit again while trying to buy a home. LESSON – try not to run your credit so many times when you are buying…it will hurt you financially when you are trying to get a loan and it may lower my loan amount.
  3. Out of state Mortgage company – We worked with Rocket Mortgage for buying a home and I regret it. They were ok but they did not work hard to get us the best deal and did not advise us on anything. I literally had to ask and find out on my own.
  4. 401K woes – With the Cares Act we were able to withdrew funds to put towards the downpayment. This was by far the most stressful thing for me because usually you are penalized if you take 401K money out before you are like 65 years old. The good thing is, it didn’t penalize us. I just worry with everything when it comes to retirement funds.
  5. Our loan for the house was very low compared to our income – I was extremely shocked and we had decent credit. This just shows that working with a major company virtually with no emotional attachment or real engagement it did not work in our favor. The person we worked with just really did not care honestly and it showed. I knew some friends who made less than us and had decent credit almost received the same loan amount.
Our updated entrance with a ramp for my dad to go in and out easily. Family first!

Well let that all sink in a bit lol. Any moments when you purchased a home that just blew your mind?

More details to share for another blog session! Share your buying home experience?

XOXO,

Jessi Morgan

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