Steps for Buying Your First Home
Ready to take the leap into homeownership? Congratulations! We know it can not only be an exciting time, but also a bit stressful. Not to worry, we’ve got an awesome team of loan officers available to help guide you through the process. Here are a few things you can do early in the home buying process to get things started on the right foot:
Review Your Finances
Before starting the homebuying process, look over all of your finances. Check your credit score and calculate how much you can save for a down payment. It’s important that you also start to think about what you might be able to afford on a monthly basis for your home. A quick rule of thumb home buyers are typically advised to not spend more than 30% of their income on housing costs.
Get Pre-Qualified for a Home Loan
Getting pre-qualified for a loan can give you an estimate of what size and type of loan you can afford. It will also help narrow down your house search by giving you a proper price range. Instead of casting a wide net, focus your search. Get the choices you want in the price range you need. Getting pre-qualified will also help you identify any issues early on, and can help you avoid issues or delays later in the loan process.
Find a Real Estate Agent
A real estate agent can provide you with helpful information on neighborhoods and homes that you’re looking to buy in. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable as you’re beginning the hope buying process. We’d be happy to make an introduction if you’re looking for a great Real Estate Agent in your area.
Explore Your Borrowing Power
Try our free borrowing power mortgage calculator to explore how much house you may be able to afford. For an accurate estimate based on your specific financial situation, you should work with a Mortgage Banker to prequalify.