Get ready for...
YOUR NEW HOME!
For most people, buying a house is the largest financial investment they will make in their lifetime. This concept is exciting, but it can also be incredibly daunting. Here are some information to help you prepare!
Pre-Approval Letter
A mortgage preapproval or prequalification is a lender's offer to loan you a certain amount under specific terms. Having a preapproval letter shows home sellers and real estate agents that you're a serious buyer*, and can give you an edge over other home shoppers.
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*Real Estate agents typically require buyers to have a loan preapproval or prequalification prior to showing them homes.
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Need help preparing for a loan? Click HERE!
Pick House Type
Weigh the pros and cons of different types of homes, given your lifestyle and budget.
A single-family home is the most ideal for buyers, but some people choose Condominiums/Townhomes as they offer more affordable housing.
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Next, you will pick an area where you want to live! It could be determined based on proximity to work, school districts, or amenities! If you need help deciding, reach out to us for a consultation!
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Downpayment
Your down payment requirement will depend on the type of mortgage you choose and the lender. Some conventional loans aimed at first-time home buyers with excellent credit allow as little as 3% down.*
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*Although it may not be feasible for many buyers, a 20% down-payment is the ideal way to go. Not only does it help with loan pre-approvals and shows sellers you are very serious about buying, it also helps eliminate Premium Mortgage Insurance (PMI).
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