First Time Buyers Week: Part 1
January 22, 2025 | Posted by: Sherry Corbitt
A first-time buyer having a road map of what each step is along the home buying process can make the whole experience less stressful. This week there will be articles posted about financing, budgeting, who your team is, down payment and paperwork needed, and much more. On Friday, there will be a free e-book that has all the information you need including worksheets and a glossary of terms you will hear while buying your first home!
Today’s topic: What do to first
Step one: Talk to a mortgage broker and get a pre-approval in place before you start shopping
The market is highly competitive, and you have to know your approved amount before even browsing the MLS website or calling a realtor. I can’t stress this enough, but you must start this process sooner rather than later. People often wait because they are concerned they don’t have the down payment or have a credit concern, but neither of those issues will disappear today. Instead, we can look at your situation today, understand where you are, and I can give you the tools to get into your dream home.
‘I don’t have enough saved yet’ - Maybe you need more time to save the 5% plus closing costs. It sounds like you are already on the right track for savings. Based on your income and how much savings you need for the down payment and closing costs, we can plan how much you can afford. Sometimes it works out better to have 5% as a down payment than 10% if it means you can instead pay off a large car loan that affects the amount a bank can lend you. These are all things I can help plan to ensure you get the best mortgage for you.
‘Oops, my credit might not be the best’- Perhaps you are concerned about having bruised credit and want to wait before considering the mortgage. As a mortgage professional, I can assist you now with what the lenders want to see on your credit bureau and help get you moving in the right direction. But, of course, having bad credit isn’t as bad as having no credit, so if you are in either of these boats, my goal is to get you into a home. Homeownership may not happen tomorrow or next month, but if you have a dream, we will make it happen!
Tomorrow we discuss who is on your home buying team!
A house is made of walls and beams; a home is made of love and dreams.
Sherry Corbitt, Mortgage Agent and Certified Divorce Financial Analyst
Mortgage Intelligence FSCO # 10428
