Whether purchasing your first property or closing on that lake house you’ve always dreamed of, buying a new home is one of the biggest financial commitments you will make. That is why BodesWell includes the Buy a New Home life event. Evaluating the financial impact of buying a new home is as easy as entering the requested home purchase details, and viewing the life event live on your timeline. As with all our events, you’ll be able to see how the purchase will impact all the other elements of your plan.
When you first add the Buy a New Home life event to your timeline, you will be prompted to enter details about your anticipated purchase. BodesWell will start by asking you when you plan on buying your new home. After you select your goal purchase date from the drop down, you’ll have the option to manually enter dollar amounts into both the home price field and the down payment amount field. Please note that your home price amount is used for the mortgage calculation, and your down payment amount is considered an expense event. As a final step, BodesWell will prompt you to enter the mortgage interest rate, followed by the mortgage term. At this point, you have the option to add the life event to your timeline, or provide additional details based on your buying situation.
If you are selling an existing home, you can enter your profit amount (selling price minus outstanding mortgage and any other costs) into the “sell an existing property” field, and your plan will take that transaction into consideration as an income event.
You can also enter dollar amounts into the following fields:
If you link your mortgage account to BodesWell you will see your mortgage balance automatically update.