5 Step Process for First Time Home Buyer Mortgages

First Time Home Buyer Mortgage

5 Step Process for First Time Home Buyer Mortgages

Buying your first home can be quite an overwhelming process. Getting a first time home buyer mortgage is even more so. If you’ve already started on your search, you need to slow down and hold your horses for a bit. You may just find your dream home and fall short on the finances. Before going house hunting, it is wise to follow these steps to avoid heartbreak;

Step 1: Get Pre-Approval

Before you are off having an adventure through various neighborhoods, you need to understand the extent of your finances. A pre-qualification is vastly different from your pre-approval. A first time home buyer mortgage requires you to have a pre-approval as this actually involves an assessment of your finances to determine how much you can get through a first time home buyer mortgage. This can help narrow your search drastically.

Step 2: Go house hunting!

After finishing the process of understanding how much you can afford, you are ready to look at houses. Explore the unlimited options available and find the right neighborhood for yourself. Inspect the house thoroughly. Drive by the house at different times during the week to get an idea of the place. After you have finalized the house, you can move on to the next step. Having a realtor, who can be suggested by your mortgage broker can help.

Step 3: Negotiate for the best.

The seller of the home will definitely quote a price which suits his needs. If you don’t want to be blindsided into getting a higher first time home buyer mortgage, then you need to do your research. Don’t rely on one person with a similar house, you need to really look at the prices, even in different neighborhoods and then negotiate until you are satisfied.

Step 4: Draw up the contract!

The first time home buyer mortgage can be approved with speed if you have all the documents in place. After getting the approval for your first time home buyer mortgage, you can contact the seller and draw up the final contract and finish the sale.

Step 5: Time to move in!

After all the legal procedures are over, its time to get the keys and unlock the doors to happiness. Make all the necessary plans to pay off your first time home buyer mortgage and ensure your home against fire and other threats. Finally, you will be ready to move in!