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The Best Guide to Buying Your First Home
Crucial Steps for First Time Home Buyers
Are you preparing to buy your first home? We period can be both exciting and confusing. The process that comes with purchasing a home even the oldest homeowners to wish they knew what to expect. For example, you may have hired a lawyer only to find out it was unnecessary, or you are most probably scratching your heads thinking whether your local bank will allow you to borrow money in the six figures.
To clear all the confusion and know exactly what to do when buying your first home, you should seek the help of a professional who can put you on the right track, such as those at Real-Estate-Yogi. Learn about the feasibility of investing in a home purchase the proper way!
Things to Consider Before Buying Your First Home
Before you decide to buy your first home, you must consider the following:
Do you have the money to make a large down payment? It goes without saying that the more money you have for the down payment, the better. However, you should be ready to pay at least twenty percent of the purchase price in addition to covering your closing costs and other fees.
Make it a habit to save money. By showing the lender you have steady employment and regularly contribute to your bank account, obtaining a mortgage to buy your first home will certainly become easier.
Getting pre-approved for a home loan is becoming quite common nowadays. Getting your loan approved from several lenders will give you an opportunity to compare the offers before making a final decision.
Keep some additional money in savings in case the interest rate increases, and you must pay a higher monthly payment.
Important Information for the First Time Homebuyers
The amount your lenders may approve on a first time home buyer loan depends on several different factors like how much the home you’re expecting to buy is worth and your disposable monthly income.
Having a conditional pre-approval makes first time home buying much easier. With a pre- approval, you will have an idea how much you will be able to borrow from a particular lender.
The three ways of buying a home are auction, tender, and negotiation with the seller of the property. When regarding the tender, several people bid on the same property, and the seller chooses the best offer.
Once you have made an offer the seller approves, you can state your terms in the contract, which becomes binding.
You have several options when applying for a first home buyer loan. You can choose fixed-rate, adjustable-rate, or other flexible terms. You can discuss these options with the lender and choose the one that is perfect for you.
FAQ’s You Need to Know When Buying Your First Home
How much money will I need for a down payment?
Generally, mortgages require to make a down payment of at least twenty percent. High-ratio mortgages may require less than twenty percent of the purchase price but require the payment of mortgage insurance premiums.
Will the first homeowner grant help me buy my first home?
The first home buyers grant is a program that provides eligible first-time buyers a one-time payment to help with various aspects during the home buying process. It may be referred to by different names depending on where you live, but it will always be addressed to “first-time homebuyer” or something similar.
What is the best way to learn how much money I may be able to borrow?
There are many different ways to learn about the amount of mortgage you may be qualified to obtain. You can consult with various first home buying guides that can provide some assistance in this area.
Location:The actual location of your new home is one of the most important considerations, and it affects everything – from your taxes, your child’s school, quality of life, resale value and more. A good real estate agent can advise you on the best locations for your specific needs.
Buy Your First Home with the guidance of Real Estate-Yogi
How can Real-Estate-Yogi home loans help you buy your first home? Here are some of the things we can do for you:
Help you settle down with the right home from all the available possibilities
Provide a comprehensive guide through the loan application process
Complete any necessary paperwork on your behalf
Provide a transparent report on the costs and fees that are involved with your home purchase
Connect you with the right first-time buyers’ program for which you may qualify
Keep you informed of any other grant programs or incentives for which you may qualify as a first-time buyer
Get Expert Advice When Buying a Home!
Real Estate Yogi has a network of over 160,000 professional real estate and mortgage lending experts. We can connect you to an experienced real estate agent and mortgage lender in your area, who will give you a free consultation on buying a home. Call 1-800-987-1397 now to get connected to a mortgage lending broker who can find the best mortgage rates available.