Being a first-time home buyer can be exciting and scary at the same time. Educating and preparing yourself about buying your first home is the best way to calm those nerves. And to do that, you don’t have to look any further.
The first step toward being a first-time home buyer is speaking to a mortgage expert and getting your home loan application underway. I know, you thought it was talking to me, the real estate agent. That's alright, because I'm going to introduce you to several well qualified mortgage experts and help you decide the right one for you.
At this stage you will want to make sure you have your basic personal and financial information at hand when beginning your home loan application. Your credit score, current employment status, debt and long-term financial goals will all be collected and discussed at this point in the mortgage process.
Now you are ready to obtain a pre-approval. Not to be mistaken with a pre-qualification, a home loan pre-approval is a mortgage company’s commitment to issue a home loan for a specific property. This will be based off your employment, credit and debt information.
Now comes the fun...finding your new home! Here is where I and your budget, help you differentiate your needs from your wants. You and you alone, dictate how easy or painful this part is. I will assist you in understanding the market you are hoping to buy in. Whether you get the two car garage in Tantallon or find the home in North Point with a basement. Sometimes you will just have to make adjustments and concessions.
Once you have found your home, your mortgage process will involve the collection of various documents, so please make sure you are prepared and as organized as possible for the smoothest and quickest experience. While you may have provided documents to your home loan expert at the beginning of mortgage processing, you may also be asked for additional information throughout any time during this stage, depending on your home loan type and financial situation.
During this mortgage process stage, someone known as an “underwriter” will review your application to make sure that your home and property are in good condition and that you’ll be able to repay your home loan.
Finally, you are at settlement! After signing SEVERAL documents you will be handed the keys to your new home! This is where you sigh, smile for the camera and then roll your sleeves up, because it is officially MOVING DAY!!!