Buying your first home can be overwhelming. Finding a good agent, securing a loan, closing costs and moving expenses can be daunting.
Below are some tips we want to provide to help you in first time homeowner journey.
Start Saving for Costs
With buying a home, there are many different costs that you may have not considered. Here are some of the costs you should prepare for before entering the process.
- Down Payment. A down payment is the money you pay up front that goes towards the total cost of the house. Every down payment is different as it depends on the type of mortgage loan you have.
- Closing Costs. Closing costs are fees and expenses you have to pay to secure your mortgage. Sometimes you can negotiate with the seller to pay for your closing fees or apply for a mortgage that covers closings costs.
- Moving Fees. Moving fees cover storage, movers, truck rentals, and other expenses needed to move into a new home.
Prepare for costs before buying your first home to avoid surprises and secure the process.
Figure Out Your Budget
One of the most important things in a home buying process is knowing what range of houses you can afford.
Use our Mortgage Qualifier Calculator to determine the amount you can afford. Factors such as your income, loan term, and purchase price determine this.
Check Your Credit Score
To get a mortgage, you need good credit. The higher your credit score, the lower the interest rates you’ll get.
You can check your score for free without hurting your credit through Experian, Equifax, and TransUnion.
Research Your Mortgage Options
Multiple options are available for mortgages and have various eligibility requirements.
Need help with your mortgage? Visit our mortgage page to see our services and contact a loan originator.