How We’re Preparing to Buy a Home on One Income


It took us a while to figure out exactly where we wanted to settle down because let’s be honest. Texas is huge and the amount of choices we have for where to setting is huge as well. In the end, we decided to stay in the area we already are, simply because I do not want to pack up and start a new life somewhere else when I’ve been building one here. Not to mention that the area that we live in is really cost effective for us. For us though, buying a home isn’t as easy as it sounds. You see, we’re buying a home on one income.

Buying a Home is tricky with two incomes, but buying a home with one income? Even trickier! We're doing it though! Check out the steps we're taking to buying a home on 1 income!
 

One of the main reasons that we want to buy, aside from having a place to call our forever home, is actually cost. Using the Capital One Home Loans Mortgage Loan Calculator it’s easy for us to see that our monthly mortgage payment will be considerably less than we’re currently paying for rent. $300 less each month to be exact. To us and I’m sure to you, that isn’t chump change each month. Getting there and getting ready for buying that dream house of ours, isn’t easy though.

How We’re Preparing to Buy a Home on One Income

To start, obviously we need to save. The typical down payment on a home is around 10%. Me? I want 20% or even 30% down when I walk in. The reason behind that is that I want a shorter loan and a better interest rate when we take our mortgage. I’d be over the moon with 50% down, but even I’m not feeling quite that froggy considering we’re looking to buy in 2016 if possible.

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Next, I’m learning. There’s a lot to buying a home so I was thrilled to find out that Capital One Home Loans actually offers the Capital One Home Loans “What to Expect Brochure to help explain everything that will happen to people like me who may not have a clue as to where they’re going next.

Another step we’re doing is to scale back on everything we own. This isn’t anything hew and if you’ve been reading the blog for a bit, you’ll know that 2015 has been a year of working toward a calmer, simpler life for us. To do that, we’ve started planning for the homestead that we eventually want, clearing out clutter and more. That clutter as it turns out, is quite profitable! We’ve taken to selling in Facebook groups primarily and that clutter is helping us build that down payment that we need.

Finally, we’ve cut back our expenses as much as we possibly can. We only have one income to work with so that means that we’ve had to tighten our budget down even more so than usual in order to really be able to save the big bucks that we need to. We’ve even cut out the small things like Netflix and Hulu since I can earn gift cards to cover that cost and since we have other tv options for free. It isn’t easy but it’s helping us to get to where we want to be. Purchasing a home and having as much down as I want to isn’t easy and it will take a lot of work. I have no double though that we can do it if we buckle down and put our minds to it.

If you’re looking to buy a home this next year, Capital One Home Loans is a great option! They’ve re-imagined the loan process and now offer a new, digital loan process in select markets. If you’re in one of the markets that the new process is available for, you now have the ability to pre-qualify from your pc or other device, apply online, upload documents and digitally track your loan all online. It even includes personalized service from a mortgage officer! What I liked best about the process was the ability to change the criteria You can change purchase price, down payment, mortgage type and even the APR percentage to see how they change your mortgage payment and loan length!

It gets better though! To celebrate the launch of their new loan process, Capital One Home Loans is partnering with Jillian Harris and Todd Talbot, stars from HGTV’s Love It or List It, Too, to host a free and open-to-the public Open House event on Saturday, December 12 at the Stonebriar Centre mall in Frisco, TX. During the event, they’ll share do-it-yourself tips and tricks for making the home buying (and owning) process easier! Sounds awesome to me! For more information on the event and what they’ll be sharing, visit SmartHomeLoans.com.

If you, like us are looking to buy in 2016, make sure that you check out the Capital One Home Loans website. It’s full of fantastic info and of course, that spiffy new loan experience! I’m headed over right now to play with the loan tools some more!

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.

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Stacy Barr
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Stacy Barr

Stacy Barr is the face and brain behind the frugal living and lifestyle blog Six Dollar Family. A true gypsy soul, her newest blog, Unsettled Hearts, chronicles the journey of her family to become full-time travelers. By the age of 30, Stacy had overcome an alcohol addiction, a drug addiction, divorce, survived domestic violence and had built a life for herself and her daughter after spending 10 months in a homeless shelter. Her book, also called Six Dollar Family, has sold more than 7,000 copies since its release.

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