Smart Planning Before Your First Home Purchase

What will it take for you to become a homeowner for the first time? It can be challenging to move from renting to buying, as first time buyers can face certain hurdles that may seem tough to clear. You will not have the sale of a property to put toward your down payment, and you will not have the credit history of someone who has already been a homeowner. With that said, the right planning and research can help you make the transition to owning your living space more easily than you anticipate. Saving your money and reviewing your credit history will be important, and so will reviewing your options in terms of what homes are available in your area and what kind of loan terms might be available to you.

FHL Texas can provide valuable support as you try to buy your first home. We can explain the different loan types and terms that you are eligible to receive. You can also count on us to help you secure a no-cost pre-approval, a major step toward purchasing your desired property. By relying on our services, you can have less difficulty navigating the world of real estate and mortgages, and you can find yourself in your ideal first home!

Becoming A Homeowner Can Be Exciting And Challenging

Making the move from renting to owning is a significant one. It helps you build a nest egg, as your home will build equity over the years of ownership, and it will provide a stable, personal place that you can call your own. The move also comes with challenges. It can be hard to track when the “right” time to buy might be, and it can also be difficult for you to know what you will need to do to secure the right terms for a mortgage. Even if you do secure a space and terms without help, you can wind up with a mortgage agreement that you cannot keep up with in the long term! Fortunately, smart early planning and the right professional support can make this journey easier for you.

Reviewing Your Credit History And Income

Even when the housing market heavily favors buyers, a home purchase requires a meaningful commitment of income. It also puts demands on your credit. Once you set the goal of buying a home, start reviewing your finances and your credit history. Act quickly to take care of any outstanding payments and other issues that hurt your credit score. Begin to both set aside money for a down payment and work out what you can pay for a mortgage (and other home-related costs) each month. The sooner you address these matters, the easier it can be to qualify for the right property.

Pay Attention To The Housing Market Before Your Home Search Officially Begins

The benefit to early planning is that you can begin the home search sooner if the market conditions are right. If you find that there are better interest rates and lower housing prices, striking early can lead to a better financial situation in the long term. Bringing up your interest in making a purchase with FHL Texas can help you understand how different trends in the market will affect you, and it can help you move faster through the application and purchase processes by securing your no-cost pre-approval.

Understanding The Different Loan Types And Terms Available To You

The mortgage process offers different terms and even different loan packages. Beyond choosing between a government-backed FHA loan or a conventional loan backed by private entities, you can look into adjustable rate or fixed rate mortgages, balloon and jumbo loans, or (if you qualify) VA loans. The right terms can open you up to receiving different sums, but you should be careful not to commit to something that will be hard for you to pay off over time. Of course, when you have the option of refinancing available to you, a change in monthly terms is possible. FHL Texas offers refinancing in addition to helping secure a loan, which means we can continue to be there for you and help you gain more from purchasing a property.

How Pre-Approval Helps You Secure Your Desired Property

A pre-approval differs from a pre-qualification in an important way, as your pre-approval requires more information and offers more reassurance to a seller. By securing yours, you can show someone what specific amount a bank is prepared to offer you so that you can purchase a property. Once you are ready to pursue an offer, you can work with FHL Texas to secure a no-cost pre-approval that shows your readiness to become a homeowner!

FHL Texas Is Ready To Help You Purchase Your First Home!

FHL Texas offers important support for people in different stages of their life with different goals for purchasing property. We offer guidance for first time buyers as well as those who are looking for a second home or an investment property. In all mortgage matters, we are proud to make information easier to access and understand, and we are excited to use our expertise to help you secure the home of your dreams! If you would like to find out more about how we can help you with your first home purchase, or any other matter related to your real estate and mortgage needs, please reach out to FHL Texas today at 1-800-990-LEND (5363).