First 10 Steps for Home Buyers

Dated: 01/02/2020

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10 tips for buying your first home:

1. Get pre-approved:

This will help determine how much you qualify to borrow and what you’re comfortable paying.

2. Check your credit:

Even if you have blemishes on your credit, you may still be able to qualify for a loan. Your loan officer can educate you on the many factors involved.

3. Determine your down payment: 

Requirements vary depending on the type of loan, loan amount, and available down payment assistance programs.

4. Save for closing costs:

They may include, but are not limited to, title policy insurance, mortgage insurance, fire/ flood/ homeowner’s insurance, recording fees and loan origination fees.

5. Explore ways to lower your rate:

You may be able to pay points (fee charged by a lender; one point is equal to 1% of the loan amount) at the beginning of the loan to lower the interest rate charged.

6. Decide between fixed or adjustable:

Depending on your short- and long-term goals, you may wish to take advantage of a fixed rate loan or one that adjusts periodically over time.

7. Consider conventional and government loans:

While conventional loans may feature fixed or adjustable interest rates, FHA, VA and USDA loans typically involve a fixed rate.

8. Take advantage of first-time homebuyer programs:

Ask your mortgage expert about options that are customized for those who have not previously owned a home.

9. Factor in mortgage insurance:

Home loans with a down payment of less than 20% will most likely require mortgage insurance.

10. Attend first-time homebuyer counseling:

Learn about selecting a home, realtor services, homeownership responsibilities, saving for a down payment and other essential elements.

Courtesy of Guaranteed Rate Affinity, Kandi Miller 

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Drew Miller

The sunshine, beaches, water, and wonderful people have cemented me in Pinellas Co. I strive to bring a personal customer service approach to the home selling and buying process, to ensure all custom....

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