Your First Home May Not Be Your Dream Home

Did your pre-approval come in lower than you were hoping? Disappointed at the rising cost of homes on the market?

Here are some things to consider:

Keep perspective. It is not as easy as it used to be to get a mortgage. Stress tests and mortgage lending rules have made it more difficult and what you can afford is a lower amount than in the past. If you can afford to purchase a home at all, this is fantastic news!

Don't compare yourself to others. Everyone's financial situation looks different, and you are not privy to this information (maybe someone has a large inheritance for a down payment, or a parent co-signing, and you do not).

Think big picture. Statistics show that people are removing every 3-5 years. The reality is that we are not doing what our parents did - living in the same home for 20+ years. Getting on the home buying train now is likely more important than waiting to find "the perfect home". If you wait, the train keeps moving without you, and prices increase, and it will cost you more to buy in the future.