First-time homebuyers: Here’s the first step to take when buying a home.
The question I get asked the most these days is, “How do I buy my first home?” Many people think the first thing you do is jump in a car with a real estate agent and go look at houses. In reality, the process may start a year before you actually buy a home.
The first step is to find a great lender and learn your credit score, debt amount, and how much money you have to use as a down payment. A loan officer will help you navigate loans and rates; there’s a lot more to the lending process than signing papers and simply getting handed a loan. The more money you put down, the better the rate you’ll get, and the lower your house payment will be. Currently, interest rates are in the low 3% to low 4% range, depending on multiple factors.
"The first step is to find a great lender."
A good mortgage lender will tell you how to raise your credit score and explain the different first-time buyer loan packages you may qualify for; there are an array of programs out there. VA, FHA, conventional, and jumbo are just some of the mortgage loans you can get. A great agent can refer you to an excellent lender. Those are the two most crucial people you’ll work with throughout the home-buying process.
If you have more questions about first-time home buying or anything else, call or email me. I would love to help you.