You’re finally ready to stop paying rent and buy a home with a fenced backyard so Rover has more room to run around. But being a first time homebuyer can be intimidating, and you may have lots of questions about how the process works.
Do not be discouraged. The experts at Resource Financial Services are here to help first time homebuyers every step of the way, with loan options that meet your needs and your budget. Follow these pro tips to make smarter decisions and help your homebuying process go smoothly.
Be prepared to act quickly. The 2018 housing market has a lower supply of homes on the market. If you’re trying to buy a hot property, be prepared to move quickly to get the home you want or you could lose it. Your Resource Financial Services mortgage banker can pre-qualify you for a loan.
Take a systematic approach. Don’t let the emotion of buying your first home keep you from making a smart move. Do your research and don’t become attached to a less than desirable property. Take the advice of experienced real estate professionals to make a good investment and set a foundation for prosperity.
Get pre-approved before you look. Have your financing in place before you look, because houses are bought and sold overnight. You could lose your dream home because you are waiting to secure the financing. Provide your Resource mortgage banker with the right documents and we may be able to pre-approve your loan the same day.
Use a real estate agent. Using a real estate shouldn’t cost you – the agent’s commission is factored into the home price and comes out of the sale proceeds. So you won’t automatically save money doing everything yourself. And it will help to have someone with experience negotiating on your side, particularly when it’s your first home.
Don’t fret over your credit score. A credit score of 700 or higher can help you get a loan with a lower interest rate. But other factors matter too, But other factors matter too, when getting qualified for a mortgage, including your savings and your income. Your Resource Financial Services mortgage banker can help you determine how much you can borrow and what your loan interest will be.
Don’t think you have to put 20% down. Putting down 20 percent of your home’s purchase price can lower your monthly mortgage and interest costs, but it’s not your only option. Talk to your Resource mortgage banker to see if you meet the conditions to qualify for one of a variety of different loan options.
Now is a great time to buy your first home. If you’re thinking about buying or selling soon, contact your Resource Financial Services mortgage banker to discuss your home loan options. They can help you with a wide variety of loan programs tailored to meet your financial needs and get you into the home you want faster – with quicker closings, same-day pre-approval, five-day processing and guaranteed lower rates.
Call toll-free at 877.797.4545 to speak with a mortgage banker or visit Resource Financial Services online at rfsmortgage.com to learn more.