BUY A HOME
Before you can begin the quest towards purchasing a home, you will need to be pre-qualified. A Mortgage Nation offers “Verified Approval” after an underwriter verifies your income, assets, and credit which can give you the same strength as a cash buyer. In today’s competitive housing market, it is not uncommon for a seller to receive multiple offers. Having a “Verified Approval” proves to the seller that you are serious and qualified.
FIRST TIME HOME BUYER TIPS
Buying a home can be nerve-racking as a first time home buyer. A Mortgage Nation wants to help you through the process and avoid common mistakes. Please see the categories below for helpful tips.
MORTGAGE DOWN PAYMENT TIPS
- Determine how much you can afford before you begin your journey of house hunting, you need to know what is in your price range for qualification. At A Mortgage Nation, we can help you with this!
- Start saving for a down payment It is common to put 20% down but many lenders now have a variety of loan programs that allow for much less. First time home buyer programs allow as little as 3% down. Some tips for saving for a down payment include setting aside tax refunds and work bonuses, setting up an automatic savings plan and using an app to track the progress.
- Explore your down payment and mortgage options as there are a variety of mortgage programs each with its own pros and cons, which we can explain to you.
Use an A Mortgage Nation expert to help you explore state and local assistance programs In addition to federal programs, many states offer assistance programs for first-time homebuyers for down payment assistance, closing cost assistance, tax credits and discounted interest rates. We can find options to fit your budget
Check your credit score and pause any new credit activity when applying for a mortgage loan, as your credit will be one of the main key factors in the qualifying process. Your credit score will help determine your interest rate and loan terms. Check your credit before you begin the home buying process. Dispute any errors that could be reducing your credit score. Look for opportunities to improve your credit. At A Mortgage Nation, we can help you with this!
Get Pre–Approved! At A Mortgage Nation, we don’t just offer a Pre–Approval, we offer “Verified Approval”. This means your loan has been underwritten and all Credit, Income and Assets have been approved for you to purchase your new home.
Hire the right Real Estate Agent. You’ll be working closely with your agent, so it’s important to find an agent you get along with. Also look for the agent who is highly skilled, motivated and knowledgeable about your area of interest.
FIRST TIME HOME BUYER MISTAKES TO AVOID
- Make sure your budget for closing cost. Request an itemized list of all estimated fees and budget accordingly for your purchase transaction.
- Ensure you set aside money for Move-in expenses, such as furnishings, appliances, rugs, updated fixtures, new paint and any home improvements you may want.
- Buying a home for today instead of tomorrow. Consider your future needs and wants and how you’re new home will suit you.
- Don’t pass up the chance to Negotiate. Often there is a lot of room for negotiations in the home buying process. Consider negotiating any repairs or closing cost the seller may help pay for.
- Your Home Inspection Report. Not all inspections test for radon, a colorless, odorless radioactive gas produced by decaying uranium found in nearly all soils and very low levels found in the air. Be sure to also test for m old and pest. So be sure you know what is included. Ensure the inspector can access all parts of the home. Pay close attention during your home inspection. Don’t be afraid to ask the inspector to take a closer look.
- Home Owners Insurance. Before you close on your new home loan, shop around to find the best price and coverage. Also, flood damage isn’t covered by homeowners insurance, so if your new home is in a flood zone, you may need to buy a separate flood policy.