You just found out that a baby is on the way, and amidst all of the excitement, you have to figure out the next steps for your expanding family. You’re probably debating whether or not to get in on a new house now to be ready for the baby or to save up a little bit more when your newborn is ready to leave the crib. Here are a few things you need to know to make the decision that best suits the needs of your growing family.
Qualifying for a Mortgage
If you’re in the market for a new house, be sure to look into websites like LendingLoco for a little bit more insight into the options that are available to you to become a new homeowner. The process of qualifying for a mortgage before having a baby is very similar to qualifying after the child is born. If you or your partner are currently on maternity or paternity leave when you apply for a loan, your leave actually could impact your ability to qualify. If you’re on unpaid leave, you may want to avoid applying until after the baby is born and you’re back at work.
Your income, credit history, and employment history will traditionally have an impact on your options for a mortgage. Lenders can’t discriminate against people who are pregnant, who have children, or who are considering having children. They also can’t discriminate against people who are on parental leave. If you are currently pregnant or have plans to become pregnant soon, you have no obligation to tell a lender.
Consider Your Childcare Expenses
From searching for the best baby humidifier to the best high chair, it’s important to consider how your budget will change once your newborn arrives. Babies can deal with nosebleeds and dried-out sinuses, so a humidifier for the entire room is a great way to make sure that their nasal passages are accounted for as part of their overall postnatal health. The noise level can also provide a soothing element that can lure your infant to sleep while taking care of the dry air in the room, especially in the winter months.
When it comes to stocking your nursery, you want all of the best for your baby, including what you didn’t have listed on your baby registry. It’s a good choice to invest in the safest cribs and carriages, especially if you’re considering growing your family even more down the line. Be sure to keep an eye on your budget, considering the amount of square footage in your household and your plans down the line for another future toddler. Investing in the best appliances and furniture for your baby now could save you down the line.
Spending Time With Your Newborn
While some people may wait until their baby has arrived to settle into a new house, others feel like moving after the pregnancy can take away from time with their newborn. One of the drawbacks to moving before your baby arrives is that an expecting mother is very limited in certain capacities when it comes to packing and unpacking, as well as even shopping for a new home. However, it could be worth it, in the long run, to spend as much time as possible with your new baby.
If you have young kids already, you may be eager to move into a new place to make sure you have enough space for your entire family. You’ll want to make sure that you have the right-sized bedroom to accommodate everybody. The last thing you want is to have the baby’s bedroom not suffice as they grow older and need a larger mattress and more space for accommodations. In the end, make sure that you know you’ve found your dream house at a reasonable price and are ready to pay a mortgage for it.