A collection of tips can make a perfect starting point for a beginner to begin buying property somewhat easier. Here are some that you may find useful if you are a first time home buyer.
Low Downpayment Mortgages
When you want to buy real estate but do not have a large down payment saved up you should talk to a mortgage broker about other programs that do not require a lot of upfront money. There are a number of programs that allow you to put down as little as three percent.
Home Inspection is Important
When buying a house be sure to have an inspector thoroughly inspect it. The house may look good to the untrained eye, but there may be problems with the structure of the house. A trained home inspector will be able to spot any issues that might be present.
Consider Additional Factors Beyond Home Prices
To get the best value for your money, it is best to consider what other people may value in the surroundings that you may not need. For example, a good school district is not a necessity if you do not plan to have children or will move away before starting a family.
Make A Checklist
When looking for houses, be sure to write everything down. It is extremely helpful to keep track of everything from offers, tour dates of homes, repairs, etc. This will give you a good idea of what you have done, are currently doing, and what else needs to be done, in this process. These extra steps will help you meet your goal of home ownership.
Be Pre-Approved For A Mortgage
Get pre-qualified for a home loan. There’s nothing worse than finding your dream house, only to realize that you can’t afford it. Before you look for a house, contact a mortgage lender and get pre-qualified. Have all the pertinent information, such as, employment history, credit history and outstanding debts. The mortgage lender will then be able to tell you exactly how much they are prepared to loan you.
Consult A Mortgage Adviser
Before shopping for a new home, it is wise to have an initial consultation with a mortgage lender. By doing this, it is possible to receive a pre-qualification or pre-approval, which gives buyers increased credibility in the eyes of sellers. This process also helps buyers understand exactly how much house they can afford and helps narrow their home search parameters.
Applying for your first home mortgage can feel daunting. So when it’s time for a new home, you need a partner who offers more than just attractive low rates. Laffey Fine Homes has partnered with Franklin First Financial that carries an extensive portfolio of loan products to meet the needs of almost every borrower.