Four Tips On How To Buy Your First Home
1. You can buy a home with much less down payment than you think.
There are some government programs (such as first-time home buyer programs) to help people get into the housing market. You can qualify as a first-time home buyer even if your spouse has owned a home before as long as your name was not registered. Ensure your real estate agent is informed and knowledgeable in this area and can offer programs to help you in the home-buying process.
2. You may be able to find a seller to help you buy and finance your home.
Some sellers may be willing to hold a second mortgage for you as a “seller take-back”. In this case, the seller becomes your lending institution. Instead of paying this seller a lump-sum full amount for his or her home, you would pay monthly mortgage installments.
3. You can buy a home even if you have problems with your credit rating.
If you can come up with more than the minimum down payment or can secure the loan with other equity, many lending institutions will consider you for a mortgage.
4. You should get pre-approved for a home loan before you go looking for a home.
The pre-approval process is easy and can give you complete peace of mind during the home-buying process. A written pre-approval is as good as money in the bank. It entails a completed credit application and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for. Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make the difference between obtaining a mortgage and being stuck in the renter’s rut forever. The TimSold Mortgage Team offers clients a complimentary mortgage consultation with one of our licensed mortgage brokers. They will customize a plan for your transaction and guide you through the mortgage process. Clients receive continued support through the purchase process and can be assured that our team will secure the best rate!
Hope this guide was helpful! Please do not hesitate to contact me at 647.930.1888 or email info@timsold.com for all things real estate.
