Practical House and Car Buying Advice for Young Families

Your wife is expecting your first child, so your family is about to grow by one. It’s a wonderful time in the life of a couple when that little one is about to join them. All of a sudden you’re not living and loving for one another, but for that little bundle of joy too.

This is that moment when you both take stock of what you have and what you all deserve as a family. It’s a moment of adjustment. Perhaps the old F-150 parked outside should now give way to a crossover or a minivan, something more appropriate for a growing family. Speaking of that, perhaps now you should get a house with a garage and a separate bedroom for the little one, complete with a crib with a mobile and all.

It doesn’t all have to remain a dream. Here’s what you can do:

Get pre-approved for a mortgage

Pre-approval should be one of the first steps whenever you want to buy a new house. When you get a pre-approval, you know what houses fall into your budget. In other words, you know how much house you can afford.

Get an FHA Loan

Primary Residential Mortgage, Inc. and other lending institutions recommend finding an FHA loan company, as this is under the insurance of the Federal Housing Authority. The good thing about it is the lending standards are not as rigorous. The down payment requirements are typically lower. This is because the borrower will be paying for mortgage insurance, so the lender is protected should the borrower default on the loan.

Trade in your old vehicle

It’s more practical to trade in your old vehicle for a newer one. It doesn’t have to be brand new, though; just something more appropriate for a family. You can also get pre-approved for a car loan, especially if your credit is fine. A secondhand car is more practical because it’s cheaper and it also means paying for a more affordable insurance premium. Just make sure to get a brand known for lasting longer than most.

These are simple ways to plan for adjustments to your growing family. As long as you keep saving money and planning every dollar you spend, there’s no reason you can’t have what you want.