Me, my boyfriend (both 19), and our daughter (4mo) are looking to buy a house for the first time since a mortgage is the same as rent but this economy can be pretty scary. Any advice to us? I’m also looking to get licensed in the state of Utah for real estate and I’d love tips for that as well! (Working on GED then enrolling to get license)
Ok, stop looking at short term ‘a mortgage is the same as renting’. A mortgage is a commitment of the whole amount, as is a lease on a rental. On one you owe $300k, on the other you owe $25k (hypothetical numbers). On one, you are on the hook for any problems that come up; on the other, the landlord is. Lastly, you probably can’t qualify for a mortgage due to income history. Before you say ‘so and so will co-sign’, the person offering to do that is a dimwit as it’s a terrible idea. Get into a decent rental and get good at running a household, and don’t buy with someone you aren’t married to.
Don’t buy a house with a boyfriend!! (Seriously, search the horror stories in this sub). You need to speak with a loan officer to see if you qualify and what you qualify for. Real estate is all fine and good if you can afford to not get paid for several months, maybe even a year.
I’d warn you off that for the following reasons. Renting allows you to be nimble. Buying a house locks you into that location. If you’ve grown up in your town, you may know all the areas you want to live in, but your needs will change rapidly as your life evolves. Consider buying a duplex: live on one side, rent out the other. But being a landlord is a whole different animal. Good luck!
The first thing that you need to do is speak to a loan officer to get prequalified to see what you are able to afford. As far as the real estate license goes, just go through the process; the test is going to be harder than you think. When you get licensed, seek out an existing successful real estate team that provides leads to their teammates.
Agree, speak to a loan officer first.
Do not buy property together unless you are married.