Sure, buying your first home is an exciting time, but it also leaves many newbies feeling overwhelmed. With so many intricate steps to buying a home, preparing for the journey ahead is a must.
A mortgage is a fundamental part of buying a home. That’s why I’m laying out what first time buyers like you need to know about making the transition into homeownership.
Whether you’re ready to build wealth or you’re just tired of renting, I’m walking you through the steps needed to be successful in your home search.
Stick around until the end for free, high-quality resources to help you in your journey to homeownership.
First things first…
Now that you’re certain you want to buy a home, you’ll need to inquire about getting a mortgage. There are plenty of paths to take here, so it’s wise to reach out to a qualified professional who you trust.
Here’s a great example of what I mean: I offer new buyers a free consultation to answer their questions and get them ready for their mortgage applications. It’s always a good idea to get a head start on your mortgage application, especially if there are any issues to prepare for.
When we meet, we’ll talk about a realistic budget and your desired location while getting a better sense of your financial situation. All of this helps me understand how to get you the best mortgage that works for you.
Kick-off your application for a mortgage preapproval
Getting preapproved for a mortgage is a key step in buying your first home. To ensure the process isn’t a bumpy one, I recommend applying on my site. It’s easy to use and can be done quickly from your computer or smartphone.
Here are a few tips for getting the most out of opening your application online:
- Make sure you fill out all fields carefully and correctly.
- Save information as you go to avoid confusion.
- Non-married applicants are required to file separately.
- Unless you’re under contract, list your address as “TBD.”
Mistakes, however minor, can set your application back. With more borrowers than ever requesting preapprovals, you must be vigilant about avoiding any hiccups that could delay your application.
If you have any questions regarding applying on my website, reach out to me for support.
Provide all requested documentation
Now that you’ve kicked off your mortgage journey online, you’ll be asked to provide documentation to better contextualize your application.
There’s a lot that goes into borrowing a home loan. That’s why from tax returns to bank statements, it’s a good idea to have these items ready. It’s easy to lose track of things when submitting documentation.
The good news is that I’ll send you an email with attached instructions on how what and how to submit documentation over our secure system.
You have a professional guiding you the entire way. For example, if your application calls for more than the typical amount of tax returns, then you’ll be notified.
It’s one of the many ways I empower you when you’re buying your first home.
Undergo a credit review
Did you know that the number one cause of loan delays is credit report errors and disputes? Thankfully for new buyers, Fairway Independent Mortgage Company has experts that track down and fix credit report issues.
By now, it’s obvious that a credit score is integral to getting a mortgage. It’s also a key factor in what kind of mortgage you get.
I’ll have your credit score pulled to check for any issues that could hold you back. If your score needs improvement, I’ll guide you through what you need to do to raise your score and get approved for a quality home loan.
Bring me your credit issues, and I’ll give you a plan on how to tackle them.
Your mortgage has been preapproved
Once you’ve completed the previous steps and met a lender’s eligibility requirements, you’re on your way to being preapproved.
You’ll receive a letter stating that you’re preapproved. It’s typically good for 90 days and is needed to start house hunting.
Unless you’re paying with cash, the journey to buying your first home is only possible with a mortgage preapproval. These days, sellers and real estate agents will only work with those who have a mortgage preapproval letter in hand.
Here are some things to do upon receiving your preapproval letter:
- Contact an experienced real estate agent who’s familiar with your price range and desired area. Selecting the right agent is essential to making the most of your time & budget.
- Prepare to move fast—literally. Sales can happen at lightning speeds, so be ready to make your offer at a moment’s notice.
If you need help finding a qualified real estate agent or other professional resources, I’m happy to introduce you to my trusted partners.
Become the homeowner you’re meant to be
Buying your first home is an experience like no other. Choosing a knowledgeable mortgage professional who you can trust is vital. I’ve helped numerous first-time home buyers get mortgages that make dreams come true, so reach out to me today and I’d be happy to help you, too!
Download my free guide, What You Need to Know About Buying a Home. It’s got easy-to-follow steps, a document checklist, and more tips to help lead you home.