Before getting a mortgage, you should check your credit. You're allowed to receive one free copy of your credit report per year. You can do this by visiting Annualcreditreport.com. Knowing your credit score will help you understand what type of loan you'll qualify for and what your payments will be. You can also calculate how much you can afford with the loan calculator on this page.
Once you’re ready to make an offer on the home, you'll need to get pre-approved. This will give you an idea of how big a loan you qualify for and how much your payment would be each month. Your offer may look more appealing than other offers since your financing is already approved.
When looking for the right home, make a list of the things you'll need to have in the house and think about the kind of neighborhood you want, the types of schools in the area, the length of your commute to and from work, and the convenience of local shopping. Once you’ve made an offer on the home, don’t forget to get a home inspection before closing.
There are many different types of mortgage programs out there, but as a first-time home buyer, you should be aware of the three basics: adjustable rate, fixed rate and interest-only. Your mortgage lender or mortgage banker can help you understand which mortgage is right for you and your situation.
Buying a home doesn't have to be a hassle if you're prepared and you know what to do and when to do it. Choose an experienced home loan lender and a friendly, knowledgeable real estate agent- I am here to help you have a smooth home buying experience!