Imagine waking up from a dream and wondering, ” Where will my very first owned home be located?” As you contemplate this, the next question that crosses your mind is, “Who will assist me in realizing my dream of homeownership?”
Rocket Mortgage® wants to answer those questions and more for any renter dreaming of owning a home. They have an entire team ready to leap into action to get you closer to your dream of homeownership.
Rocket Mortgage serves as a renter’s dream when it comes to taking the steps to homeownership. They are a one-stop resource for all your mortgage needs. Just ask entrepreneur Christen Rochon.
For many, the dream of owning a home is a significant milestone in life, and this is a goal Rochon is set on achieving within the next year. Rochon, who is a mom to her adorable American Bully fur baby Thor, is currently renting her home. She knows all too well the challenges of transitioning from being a renter to a prospective homeowner. The native Detroiter has been an entrepreneur for years. In addition to being an entrepreneur, she’s also an author, and former publisher of an award-winning lifestyle technology website and blog she created to celebrate “all things fashionably wonderful about technology.” She’s currently the founder and publisher of CandidlyChristen.com, which is a place where she shares lessons learned, life hacks, career experiences and all of her candid thoughts in between.
After moving back home to Detroit from uptown New York several years ago, she’s currently looking to make homeownership a reality as she prepares herself to become mortgage-ready.
Rolling out spoke with Rochon about her exciting journey of becoming a new homeowner. While she’s ready to take that next chapter, she has valid questions regarding process. However, with the help of Rocket Mortgage, a trusted resource for homebuyers, they provided a comprehensive guide based on valuable insights found on RocketMortgage.com.
Whether you’re like Rochon, who is moving back home from a different city, or you are simply ready to take the plunge into home ownership, Rocket Mortgage is your one-stop resource for walking you through the essential steps, tips, and tools to becoming a homeowner.
Check out the steps Rocket Mortgage has outlined for Rochon and others like her below.
Step 1: Assessing Your Financial Situation
The first and most crucial step towards homeownership is understanding your financial position. Rocket Mortgage’s website offers a handy, easy-to-use mortgage calculator (RocketMortgage.com/Calculators) to help you estimate your monthly mortgage payments.
This was the first tool on Rocket’s website that was introduced to Rochon, and it allowed her to input variables like loan amount, interest rate, and loan term, giving her a clear picture of what she could afford.
To get started, prospective homebuyers will need to know three essential things:
- Budget: Create a budget to analyze your income, expenses, and savings. Determine how much you can allocate towards a down payment and monthly mortgage payments.
- Credit Score: Check your credit score and work on improving it if needed. A higher credit score can help you secure a better mortgage rate, resulting in lower mortgage payments.
- Down Payment: Start saving for a down payment if you already haven’t. The more you can put down upfront, the lower your monthly mortgage payments will be.
For Rochon, one of her biggest challenges was simply in knowing what she needed to do, step-by-step, so she could prepare herself in moving forward. “Rocket had a wealth of knowledge regarding being prepared,” Rochon stated.
She also spoke about her experience using the Rocket Mortgage Calculator. “It was pretty simple for me. It was just plug and play with numbers. If you want to know how much you can afford, it’s very easy to go in there, look at what your current [financial] situation is, how much you currently would like to put down, how much you’d like to have a monthly mortgage payment for, and the calculator did the rest.”
Step 2: Get Preapproved for a Mortgage
Before you start house hunting, it’s essential to get preapproved for a mortgage. This process involves providing financial documentation to a lender who will assess your creditworthiness and determine the loan amount you qualify for. Rocket Mortgage offers a convenient online application process that can give you preapproval within minutes. This is the next step for Rochon and she’s excited to work with Rocket for her preapproval.
When asked about how she prepared herself with assessing her current financial situation, she replied, “For me, it was really looking into, one, making sure my credit was right and tight, because credit is everything. Also, making sure I’m financially secure enough to put down my down payment was as equally important. So, looking at the market, I’ve been really excited about this next phase in my journey and seeing what’s out there, and Rocket has been helping me along the way.”
Step 3: Home Buying Checklist and Tips
Rocket Mortgage offers an extensive Home Buying Checklist on their website, which covers every aspect of the homebuying process. Here are some key tips and items to consider:
- Research: Understand the real estate market in your desired location. Evaluate neighborhoods, schools, and amenities.
- Hire a Real Estate Agent: A qualified real estate agent can guide you through the process, negotiate on your behalf, and provide invaluable insights.
- Home Inspection: Always conduct a thorough home inspection to identify any potential issues with the property.
- Negotiate Smart: Don’t be afraid to negotiate the price and terms with the seller. Your agent can help with this process.
- Review the Contract: Carefully review the purchase contract and any contingencies before signing.
Step 4: Home Buying Plans & Rocket Rewards
Rocket Mortgage also offers Home Buying Plans tailored to your unique needs. These plans provide support and resources throughout one’s homebuying journey, from finding the right mortgage to closing the deal. Additionally, by choosing Rocket Mortgage, one can take advantage of Rocket Rewards, which may include benefits like reduced closing costs or a credit toward your closing fees. Find more information here: MyRocket.com/Rewards.
As Rochon is currently transitioning from renting to homeownership, she is well aware that it is a significant life decision that requires thoughtful planning and consideration. Key steps include evaluating financial readiness, obtaining preapproval for a mortgage, and adhering to a thorough home buying checklist. With the guidance, tools, and resources available through RocketMortgage.com, individuals, including Rochon, can confidently navigate the journey to becoming a homeowner.
To find out more information regarding Rocket Mortgage, visit their site RocketMortgage.com.
