Learn the key steps to make your home-buying journey smooth and successful.
As a first-time homebuyer, it’s impossible to know everything about purchasing a home. However, by doing a bit of research, you can set yourself up for success. The more you know, the less stressed you’ll be as you go through the process. Here are three key tips to keep in mind before diving in:
1. Contact Multiple Mortgage Lenders: It’s essential to reach out to at least three mortgage lenders to ensure you’re getting the lowest rate. Many first-time homebuyers make the mistake of going with the first lender they talk to, missing out on potential savings. Feel free to ask if you need any lender recommendations.
“The more you know, the less stressed you’ll be as you go through the process.”
2. Learn About Different Types of Home Loans: While there are dozens of home loan options, over 90% of buyers end up using one of four major loan programs: Conventional, FHA, VA, or USDA. There are also options for low down payments, low credit scores, self-employment, and large loan sizes.
3. Understand Your Price Range and Monthly Payment: Calculate your mortgage payment, including principal, interest, taxes, and insurance. Knowing your mortgage rate and budget will allow you to shop for a home and a mortgage with confidence.
By keeping these three things in mind, you can maximize your home-buying budget and secure the best mortgage deal for your new home. For any questions, reach out to us at (901) 591-8100 or (901) 685-6000.
