5 Financial Tips for
First-Time Homebuyers
The process of buying your first home can be overwhelming, but don’t let it intimidate you. The pride you’ll feel as a new homeowner, not to mention the long term financial benefits of homeownership, will make the challenge worth it many times over. These simple tips will make the whole process easier and will help ensure you end up in a home you love.
Get prequalified
Having a prequalification from a reputable lender is absolutely essential when you begin the process of buying a home. Unless you are paying in cash, sellers generally won’t accept an offer on a home if you don’t have a prequalification letter from a lender saying you can get the financing you need for your offer. The prequalification process will also show you what size mortgage you can qualify for, and thus help you set a price range for homes to look at.
Know your budget
Don’t guess how much you can borrow, or try to estimate closing costs on your own. Discuss the specifics with a reputable lender. And look at the final monthly costs of a given mortgage, including property taxes, mortgage insurance, and homeowners insurance.
Be realistic
Don’t assume that you’ll pay less than the asking price on a home purchase, so only look at homes that you can actually afford. Looking above your price range almost always leads to disappointment. And don’t stretch your budget beyond its realistic limits. Just because you can qualify for a mortgage, that doesn’t necessarily mean you’ll be able to comfortably afford it based on your lifestyle and other expenses.
Don’t play games with prices
Trying to sweeten an offer on a home with a higher price, and then trying to recoup costs by having the seller pay closing costs or make other concessions is typically a bad idea. The appraisal of the home needs to support the price of the offer, so if your offer is too high, your mortgage won’t be approved.
Pay closing costs
In buyers’ markets, sometimes buyers can ask sellers to pay closing costs. Unfortunately, most areas in the US are not buyer’s markets and are instead stacked heavily in the favor of sellers. Asking the seller to pay closing costs will make your offer less attractive, and there’s a very good chance the seller will easily find another buyer with a better offer. If you find a home you love and can afford, haggling over closing costs just isn’t worth the risk of losing out on the home.
Why Choose Us?
Our coordinated team can get your loan processed faster than the competition – guaranteed.
Our personable and extremely knowledgeable loan officers will walk you through your first home buying experience so smoothly, your worries will be left behind.
Licensing and Approvals
247HomeLoans.net holds a Florida Mortgage Brokers license number MBR1749, in the State of Florida. NMLSR ID #1082016. 247HomeLoans.net is a full-service Mortgage Broker. We are committed to providing the highest level of customer service with an emphasis on offering our customers the best advice to save on their monthly expenditures. We are set up with over 20 wholesale lenders and banks, so we can offer both traditional and nontraditional mortgage products. Even if you have been denied by traditional banks we may be able to help you secure financing.
Corporate Office is located at:
11256 Winthrop Main St.
Riverview, FL 33578
**DISCLAIMER: Please note that interest rates, APR’s, closing cost, and monthly payment examples on this page are for illustrative purposes so that borrowers can better understand how programs work. Consumers should note that mortgage rates, APR’s, and payments will likely vary from what is listed in the examples given. Mortgage rates change frequently and not all borrowers will be eligible. Additional restrictions may apply. Please call and speak with a 247 Home Loans mortgage representative for the most up-to-date information.
© 2024 247 Home Loans