Timing the purchase of your first home while you’re still renting can feel overwhelming. The last thing you want is to be stuck paying both rent and a new mortgage at the same time. With the right planning, though, you can make the transition smooth and even save money in the process!

When Does Your First Mortgage Payment Start?

One of the biggest misconceptions about buying a home is that your first payment is due right after closing. In reality, mortgage payments are made in arrears, which means they cover the month prior. For example, if you close on your new home in June, you won’t make a mortgage payment in June or July. Your first payment would be due in August.

This built-in delay gives you a cushion, helping you avoid overlap between rent and a mortgage.

When Should You Start House Hunting?

To make the timing work, you’ll want to start shopping for homes about 60 days before your lease ends. That way, you’ll have enough time to go under contract and close without creating a gap (or overlap) between your rental and your new home.

Why Pre-Approval Comes First

Before you even step foot into an open house, the first step should always be getting pre-approved for a mortgage. A pre-approval tells you exactly what you can afford, so you don’t waste time falling in love with homes outside of your budget. It also makes your offer stronger when you’re ready to buy, since sellers know you’re financially qualified.

What to Consider While Shopping

Once you know your budget, focus on details that fit your lifestyle and financial goals, including:

• Neighborhoods and amenities
  
• Property tax rates
  
• Commute times
  
• School districts or local features important to you
  

Having these factors figured out early will make your home search easier and faster when the timing is right.

The Bottom Line

Buying a home while still renting doesn’t have to mean double payments. With pre-approval and smart planning, you can line up your closing date with the end of your lease and transition smoothly into homeownership.

Ready to get started? Contact Collette Horton at Liberty Star Mortgage in Fulshear, Texas today to begin your pre-approval and take the first step toward owning your dream home.