Rebecca Richardson - Mortgage Consultant
Buy like a pro with these first-time homebuyer tips
You don’t get a second chance at a first home. Going through the homebuying process can be a tad overwhelming. It’s important to do your research and know your options before you go house shopping. But working with the right lender, who has helped thousands of families over dozens of years, certainly can make you feel like a home buying pro.
Second chance at a first home
They say hindsight is 20/20. I’ve even heard “If I knew then what I know now…” plenty of times in my life. This is no different, even for me, when it comes to buying homes. If I had a second chance to buy my first home, here’s what I wish I would have asked so things could have gone smoother and been more purposeful.
✅ What could change with my payment (even with forced escrow change)❓
✅ What options do I have for turning my home into an income producing property❓
✅ Can you explain the process step-by-step❓
As a first-time homebuyer, you don’t know what you don’t know. And you won’t know unless you educate yourself. That’s why it is important to work with a lender who is always educating their clients as to their best mortgage options.
That is one reason I started the Mortgage Mentor blog. If you want to learn the latest mortgage tips, follow and ask questions.
And if you are thinking of buying. Give me a follow. I’ll show you how to understand it all and save money along the way.
Don’t disqualify yourself
Getting a mortgage can be complex. There are so many rules, guidelines and numbers it would overwhelm anybody.
Here’s what is important to know though. Don’t. Disqualify. Yourself. Don’t assume you can’t buy because you think you earn too little or have too much debt.
There is only one sure-fire way to really know. And it’s not just fill out one of those online calculators. Although those are helpful, it’s best to actually talk to a lender and learn what your options are.
Don’t buy, build that first home
Most people when thinking of buying that first home, don’t consider building it instead. It may come as a surprise, but often it is best to build that first home than it is to buy it. Building opens up a few different loan options that you may not have considered.
Did you know there are construction loans where you can put down as little as 0%-3.5%?
With a one-time close construction loan, you can build a home with a low down payment. Another perk – no payments are due during the construction phase and you can even add in closing costs to the financing.
Once the home is complete, the loan converts into a regular FHA, VA or USDA loan.
Not sure what route to take to get the keys to your dream home? That’s where working with a trusted lender pays off.
I’m licensed in dozens of states and help hundreds of people each year, so reach out to me. I’m here to help.