Buying a home for the first time can seem daunting and intimidating. You are, after all, undertaking a massive responsibility — one that requires you to spend what’s likely the most amount of money you ever have. Luckily, there are many resources that can assist you in the process and can make homebuying as easy and stress-free as possible. In today’s blog, Family Home Loan Texas discusses helpful tips and things to keep in mind when you begin the journey of buying your first house.
Know Your Credit Score
Before you buy a home you will need to know your credit score. This is an essential part of the pre-approval process — a process you will need to go through as a first-time buyer. Your credit score will determine the type of mortgage you will qualify for and factors into the amount of money you will be able to spend on a home. Typically, to buy a home you will need a score of 620 or higher. If your score is lower, you will still be able to qualify for other loans but your monthly interest rate will be higher. Often, the higher the score means the better chance of securing a loan with a competitive interest rate.
First Time Buyer Perks
As a new buyer, you have access to assorted state programs, tax breaks, and federally backed loans if you don’t have the ability to pay a large minimum down payment. Some loans start at just a 3.5% down payment, so you can still buy a home without having existing equity in a house. If you do have the means to put more money down, you can qualify for conventional loans as well. During the pre-approval process, you will have a better sense of what you will be able to afford.
Steps After Finding Your New Home
Once you make an offer on a house, an important step is having it inspected by a professional inspector. Once hired, your inspector will spend several hours at the house thoroughly looking it over. Even though you don’t need to, it is still highly recommended that you go with the inspector, so you can have another opportunity to really get a better feel for the house. Once it is complete, your inspector will write up a report detailing any issues with the home. From there, if there are major issues you can negotiate with the seller to have them fix the problems, or you can fix them and receive a lower price on the house. Once this is all conducted, you can rest easy knowing that you a buying a great home.
Contact Us To See How We Can Help You As A First-Time Buyer
Call us because we would love to help you purchase your first house. Family Home Loan Texas was founded by loan originator and long-time mortgage professional Rob Bramer. Rob has helped clients secure the loans they need both locally and nationally and can help you get the loan you need to live life on your terms. Call 1-800-990-LEND (5363) to speak with Rob about your home loan needs, including refinancing and reverse mortgage loans.