First Time Home Buyers

What you need to know

“Explore mortgage options comparing interest’s rates from different banks and mortgage companies.”

Start by...

Saving early for down payment for conventional loan (20%), which gives you better interest rate and frees you of having to obtain PMI (lowering your monthly payment)

Work on your credit early and check on the 3 major credit agencies. Get a yearly free credit report that does not affect your credit. Tip** add your monthly automated bills to Experian to count as credit.**

Pay off as much debt as you can. Paying off small bills improves your credit score.

Do not open new lines of credit while in process to buy a new home. You risk lowering your house affordability, getting your loan denied or requiring a co-signer.

Know which type of loan you are eligible for, and which is a better fit for you: Conventional, FHA, VA, USDA, etc.…

Explore mortgage options, compare interest’s rates from different banks and mortgage companies. Do your research and explore your community banks and credit unions.

Find out how much you can afford, get pre-approved and don’t waste your time. Not only speak to a loan officer, gather all the information needed in advance and have them verify income and credit (soft pull doesn’t affect your score) to accurately know your purchase power.

Don’t forget saving for Closing costs (typically 2% - 5% of total loan).

Call The Dream Team to help you find your dream home.