ARE YOU A FIRST TIME HOMEBUYER?
Be an informed consumer
Setting out to purchase your first home can be quite intimidating, considering the incredible variety of mortgage loan options that are available on the market today. However, arming yourself with good information at the outset of the home buying process can help you approach the task with confidence. Educating yourself on the many different types of loans and programs available for first time home buyers, and the details of the loan application and approval process is a great way to start, leaving you much less reliant on the advice of others as you make these important decisions about your future.
Purchasing a home is a financial commitment that can extend over thirty years of your life, making it crucial to research your options with an eye towards the long term implications. The first step in the process is a thorough evaluation of your financial situation. A clear picture of your credit standing and financial obligations, present and future, can help you decide what sort of monthly payments you can comfortably afford, as well as aid in determining the amount you can promise as a down payment on your new home. A current copy of your credit report is a must, eliminating the possibility of unpleasant surprises when your history is checked by potential lenders. Errors on credit reports are a fairly common occurrence, and are better handled before lenders are involved. This financial research will prepare you for the next step, which is finding the right mortgage loan to suit your needs, and getting pre-qualified for it so you can begin your search for a new home.
