Moving

Moving to a new home can be a wonderful time, especially if it's your first home or if you're moving up to the home of your dreams. But with the timing, closing, coordination and movers, there are also many financial concerns that can arise as well. Where do you start once you've decided to buy a new home?

Identify Needs
There are many financial needs to think about when buying a new home, from figuring out how much home you can afford, to understanding interest rates and loan terms. Have you shopped around for homeowners insurance? How much remodeling will this house need and should you think about a home equity line of credit?

But before you do anything, just relax. Moving is known as one of the most stressful times in a person's life - even if you are moving to the home you've always dreamed of owning. But with proper planning, the process can go much smoother than you may think.

The Big Picture
Take it one step at a time. First, make sure you consider what buying a new house will do to your monthly output - meaning your day-to-day expenses like food and shelter. And it's never wise to tap into your emergency reserve to use as a down payment - you never know when you'll need it.

Once you've taken those needs into consideration, make sure that your new mortgage won't alter your current retirement plan. Though it may seem like you have a lot of time, retirement comes much quicker than you might think so the earlier you start investing, the greater the opportunity for returns will be.

Get Started
Now that you've found the home that's perfect for you, don't forget to continue to save for both your short- and long-term goals. Learn more about how Edward Jones approaches your needs. Then contact your local Edward Jones financial advisor*, who will be happy to help you identify and prioritize your financial goals and track your progress toward achieving them.