5 Tips Every First-Time Home Buyer Should Consider The following are the 5 key questions you, as a first-time home buyer, should ask yourself: 1.How Much Home Can You Afford? As a first-time home buyer, it’s important to have an accurate idea of how much money you can borrow for your new home and most importantly, how much you can afford. One of the realities of first-time home buying is the frustration of finding that perfect home only to discover that it is not in your price range. Finding out how much home you can afford is actually not that difficult. Call us today we will help you, 2.Should You Get Pre-Qualified or Pre-Approved? With a pre-qualification, little information about your finances is verified (often none). You might find out later that the amount you were “pre-qualified” for is far different than what you actually will qualify for (or even afford). What you need is a “pre-approval” in which more information (your credit and other factors) is checked and you can have a better idea how much you can afford for your first home. With a pre-approval, you’re in a better position to negotiate because the seller knows that your offer is more solid. You’ll avoid wasting time looking at homes outside your price range. 3.What Is Your Credit Score? First-time home buyers should obtain a copy of their credit report and review it. Your mortgage company will pull your credit, but it helps if you know before you start the process. There are places, like Freecreditreport, where you can actually get a free credit report. If you find an error, it’s much easier to fix it before a house has been found, rather than dealing with it when trying to close on the loan. mortgage banker can even give you tips to help with any minor blemishes. 4.What Kind of Mortgages Should You Consider? The mortgage best for you will depend on: Your current financial situation,Whether or not your financial situation will change in the next few years, How long you want to stay in your home, if your income is steady or fluctuating. 5.What Documentation Do You Need? Almost always, you’ll need these items to complete your mortgage application: W-2s Pay stubs Bank and/or other asset statements For first-time home buyers, mortgages can be confusing and a bit overwhelming call me today to schedule and appointment with our Mortgage Professional.
Posted on: Fri, 25 Oct 2013 00:31:18 +0000
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