Your First Time Home Buyers Guide to Your Dream Home
Buying a house for the first time can be a daunting task if you don't have someone to help guide you through the process.
Your first step to buying a home is to find out how much home that you can afford. You can do that by applying with a lender to get preapproved. Your lender will look at your income, assets and credit history to help you determine how much home that you can afford.
Once you are preapproved, it is time to find a home. I can help you with finding a realtor, I have a network of realtors that I have worked with for many years and they will guide you through the buying process. Give me a call today to find out more and see if you qualify!
Here is a quick road map with how you should proceed with the home buying process!
1. Get Preapproved, This is where you submit a loan application and have your credit pulled, your income and your assets listed and this is where your loan officer will take your financial profile and help you with how much house that you can afford.
2. Once you have been preapproved and have a good idea of how much home that you can afford, then it is time to find a realtor to help you find a home!
3. After you find a home, it is time to start your loan. Once you have a contract in hand, you need to call your loan officer and let him guide you from there.
Here are some terms that you will need to know.
PMI - Private Mortgage Insurance is insurance that protects the lender in the event that you default on your loan and is required if you put less than 20% down payment on your home.
Fixed Interest Rate - The interest rate is fixed for the life of the loan.
ARM - Adjustable Rate Mortgage. These loans typically have a lower interest rate, but the interest rate is only fixed for a certain amount of time. For Instance, a 7/1 Arm is fixed for 7 years and can adjust each year after that for a cap. It is important that you fully understand this loan product.
Loan Programs for First-Time Home Buyers:
30-Year Home Ready or Home Possible Loan
This option is a conventional loan that allows you to only put down 3% and have reduced PMI.
Perfect for the buyer that wants to put less money down. Purchase your house with as little as 3.5% down!
Buyers Advantage Loan Only at SouthState Bank
An amazing deal for low to moderate income home buyers. Those who qualify for this loan can purchase with no down payment and no PMI. Find out if you qualify today!
Not sure which program is right for you? Contact one of our specialists today! New South Mortgage can get you pre-qualified and find you the loan that meets your needs. Find out how you can get pre-qualified today!