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Financial Tips for Buying a House

Purchasing a house is one of the most exciting milestones in a person’s life. It can also be very stressful and confusing when it comes to the money end of things. It’s important to do your research and know exactly what you are getting yourself into.

I have partnered with Genworth Financial to share my story with you.

A castle in grass and trees.

Buying a House

There are so many things to consider when purchasing a house. This can be a very emotion-driven experience, and yet you have to keep your head on straight when it comes to budgeting.

A few years ago, Mike and I almost bought a brand new house. It was new construction with all the pretty, shiny bells and whistles that you could imagine. I wanted it so bad that my judgement was clouded.

I am usually responsible when it comes to money, but that flew right out the beautiful bay window of this house. This was back when Mike and I were both making a lot more money at our jobs.

Work was more steady and the economy wasn’t as bad as it is now. Everyone thought things were going to get better, not worse. Well, they were wrong.

We ended up getting approved for the mortgage on this pricy home after pulling lots of strings. We could just barely afford the mortgage and it left very little wiggle room.

So, long story short… if we would have gone through with the purchase we would have been screwed now. Obviously, we didn’t, and we are content in our small, affordable home for now.

Back then, I had a “oh, we will figure it out” type attitude that scares me. Thankfully, I feel a lot older and wiser now even though it was just a few short years ago!

Growing older makes women better with money is an article I just read via Genworth Financial and it really does make a lot of sense.

If you need to prove your income to have your mortgage approved, you might need a pay stub. You can use to generate one.

The moral of the story here is to do your homework. Just because you get approved for a certain amount of money, doesn’t mean you should spend that much.

You should contact a financial adviser and use resources like Genworth Financial. Be realistic about your other bills and your spending habits.

Do you like to go out to dinner a lot? Or, do you have a shoe shopping addiction? What will your utility bills be like? Will you be able to save anything towards retirement and/or emergencies?

You better factor all your habits in before you are locked into a hefty mortgage bill every month. I would much rather be comfortable than have granite counter tops… even though they were gorgeous. *sigh*

Disclosure: Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. All opinions are my own.

Melissa S

Tuesday 9th of April 2013

I agree with all of the points made in this post. I know a lot of people who have regrets over the money they owe on their homes. We have a smaller home, but it works for us.

Darlene Jones-Nelson

Saturday 6th of April 2013

Thanks for the information we are not looking into buying a house just yet have to wait like 6 more years. We just filed bankrupt, so we have to wait for our credit to get so much better.


Friday 5th of April 2013

I didn't get it. What is your point? now a days prices are so high that we can barely afford the mortgage payments. If we go buy what you are suggesting then I don't think I will ever own a house. I am afraid that you don't have suggested any remedy rather what you have said is settle for something that is of lesser value. If you think I am any wrong please do correct me, I will be happy to listen to you.

P.S. I am planning to buy a house.


Friday 5th of April 2013

My point was to get a full understanding of what you can afford before committing to a huge mortgage. We got APPROVED for a mortgage that we realistically would not have been able to afford without really stretching our budget. I am suggesting to speak with a financial adviser to avoid getting into that situation. I am sorry you misunderstood my post... I wasn't really suggesting to "settle"... just be mindful of what you can truly afford.


Wednesday 3rd of April 2013

Wow - I actually have been having this conversation with my sister, who is way at the end of her reach on a mortgage amount, and thinking she can shoot to the limit, and she is older, etc. Unless you have fairly certain circumstances, it is wise to be conservative.


Wednesday 3rd of April 2013

Yeah, it's tough to balance. You want to get what you want, but it's easy to go over budget very quickly!!!

Shannon (The Mommy-Files)

Monday 1st of April 2013

Ha ha - I love this post! So clever and creative. :) Thanks for sharing.