Find out the basics of first-time homeownership from tips on how to choose a home loan, mortgage options, and more.
The process of buying your first home is not easy and it can seem daunting to someone who hasn’t done it before. We've compiled some helpful tips that will help you get started on the right foot.
1. Find a lender who is willing to work with you
2. Ask your broker to help you assess your credit score and financial history
3. Get pre-approved for a mortgage loan
4. Search the internet or real estate agents to find homes that meet your needs and budget requirements
5. Make sure you have enough money saved up in your emergency fund before making any purchases on a new home!
The sooner you get started with this process the better. Once you have found a lender to work with the next step would be determining what kind of loan would be best suited towards meeting all your needs. Your lender will review your DTI (debt-to-income ratio) as well as your credit score and financial history to determine your best options.
Next, you will receive a pre-approval letter from your lender. Being pre-approved for a mortgage is one of those steps that can really help! It gives an agent or real estate broker ideas when searching–and save them time looking through listings by eliminating unneeded ones (like homes outside our area).
Now it's time to start the home search that is within your budget! You will want to provide your real estate agent or broker with some detailed information to help them narrow their search such as what type of property interests you, how many bedrooms or baths do want in this house, where does proximity rank high among priorities? And maybe even provide them with one small piece if information like which school district are hoping they’re located within.
Once you have found your forever home you real estate agent or broker will walk you through the purchasing process and help you cross the finish line.
If you are a first-time homebuyer, the process can feel daunting. But with these steps outlined in this blog post, you will be able to purchase your dream home without too much hassle! Have any of these tips been helpful? Let us know if we could help further by contacting our team at Bydand Home Loans LLC. We would love to hear from you and do what we can to make purchasing a new home as smooth and easy for you as possible.