First-Time Homebuyer? Here’s All You Need to Know!
Whether you're a first-time homebuyer or a well-experienced one, understanding mortgaging basics is important. For those new to buying a home, the process of mortgaging your first place can seem overwhelming and nerve-wracking because of all the steps, requirements, and money on the line.
Get the most out of your first mortgage and ease the frustration of being a first-time homebuyer by following a few simple steps. Here’s all you need to know about mortgaging your first home.
The New Buyer Advantage
As a new American homeowner attempting to live the American dream, loan programs are widely available for first-time homebuyers. From tax breaks to various loan programs, support is more readily available for new buyers, even if you’re not on the novice level when it comes to understanding the process of mortgaging a home.
Reflect Before You Buy
It’s important before officially buying a home, especially when buying your first home, to ask yourself several questions to make sure this home is the perfect selection for you and your needs. How does your financial health look, and what budgets do you have set aside for your current and potential new home? Reflecting on your savings, credit, and spending is important in the early stages of buying your first home.
It’s additionally important to reflect on what kind of mortgage you qualify for. How much will the lender provide for you to purchase your new home? What you think you may qualify for and what your lender says you qualify for can vary. It’s important to get a pre-approved loan before putting an offer in on a house. This is done by applying for a mortgage and going through the initial paperwork.
Guidance Throughout The Process
As you move along throughout the mortgage process, you need to consider who you want to assist you throughout the process. This could come in several forms of guidance. Such as, your parents helping you with some initial advice, or seeking professional mortgage lending services during the process, or commissioning your real estate agent for professional guidance.
Finding Your New Home
You never know where your dream home will come from. Take a drive around a neighborhood you're interested in. Ask family and friends for possible contacts with homes for sale. These are the closest people in your life, their selection of further contacts are more likely to have your best interests in mind. You can also search for listings on various sites online, filtering by any requirements you’re seeking for your new home.
Closing Your Deal
After securing your financials, finding your perfect home, inspecting it, and making an offer with the assistant of your real estate agent, it’s time to close the deal. Closing basically involves signing a bunch of paperwork and hoping that nothing falls through last minute.
Closing costs during the final stages of buying a new home could include appraisals, doing a title search, obtaining private mortgage insurance, loan origination fees, surveys, taxes, etc.
We’re Here for You!
At Equity Mortgage, we work with a variety of clients with varying degrees of mortgage needs We offer our clients alternative options to their current loan programs with our wide range of mortgage products and flexible lending practices.
Experience fast, professional service for coronavirus mortgaging today and beyond the pandemic. Contact us for more info or give us a call at 1-800-332-9221.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.