September 25th, 2018 8:29 AM by Jackie A. Graves, President
Buying your first home
is exciting, but it can be a bit scary, too. There are many moving parts to
think about, and you might feel intimidated when you start the first steps to buying a house. For most, buying a
house includes getting
a home loan. The process of getting your first mortgage is complex,
but manageable. Remember: Millions of people have done it before.
are a few of our favorite tips for first time home buyers.
realistic and having a budget before you start looking at houses makes it more
likely that you’ll find your dream home. Start by calculating how much house you can afford, determining a
price range, and mapping
out potential monthly payments. Consider getting prequalified with
Mr. Cooper (all it takes is a no-commitment phone call to get expert guidance
on how to buy your first home).
and owning a home comes with additional expenses, and if you are a first time
home buyer you might fail to consider some of them. Expect some expenses beyond
just your monthly mortgage payment, because unlike renting, owning a home
requires a lot more — property taxes, insurance, repairs to the house, monthly
homeowners association fees, and more. While everyone’s situation is different,
you might be able to research and estimate some of your own home expenses
before you buy.
credit history is one of the most important factors that lenders consider
during the mortgage application process. Credit scores range between 300 and 850,
and a credit score of 700 or higher is generally considered good, while scores
above 800 are considered excellent. Your
credit is a decision-making tool for lenders, so the better
your credit is, the more options you will likely have when it comes to getting
a mortgage. Remember to keep in mind that your credit score is not the only
factor for a mortgage approval, though; income, down payment, employment
history, savings, and the amount of debt are also crucial factors that lenders
will consider. Get a free credit report online before you apply for a mortgage
to avoid any surprises.
you get ready to buy your first home, you should seek out experienced
professionals. Before you start your house hunt, interview some of the most
successful real estate professionals in your target neighborhood. A great real
estate professional can guide you through the complex process
of searching and buying
same goes for working with a mortgage
professional. Just because a family friend is a mortgage broker
doesn’t mean that it is in your best interest to work with that person. Seek
out experienced lenders, and look for a true professional who can meet your
needs, answer your questions, and educate you on your home loan options.
Finding the right professionals to support you through the home buying process
is one step toward a successful mortgage journey.
a great feeling to be buying your first home and to qualify for a mortgage, but
your work doesn’t end there — you’ll also have to make monthly payments on
time. With every mortgage payment, you get one step closer to paying off your
mortgage. A great way to make sure that you stay current on your mortgage
payments is to take advantage of auto-pay options your lender might provide.
Auto-pay enables you to schedule payments in advance, as well as set up
automatic reminders to make sure that you never forget a monthly payment.
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