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For those just looking to enter the housing market for the first time, things may seem a bit intimidating. Your first home is likely the largest purchase you’ll have made to this point in your life, and securing financing through a mortgage lender may seem like an imposing process.
At Mortgage Investors Group, we’re a mortgage company dedicated to making this process simple for you. With that in mind, here are some of the top tips we offer to first-timers in areas where we sometimes see a lack of attention.
Research Programs
For starters, consider the first-time homebuyer programs that might be available to you. This will vary state by state and even by locality, but most states offer multiple specialty loan programs, including government-backed loans that can offer assistance with things like down payments or private mortgage insurance. Speak to one of our advisors about the programs that might be available to help make your situation a bit more affordable.
Prepare to Compromise
We know that you want your first home to be something of a dream home, and we’ll do everything we can to help you get all your desired features and amenities. At the same time, enter the process with the understanding that you may have to compromise – consider a few areas that area absolute musts, but be willing to have some wiggle room on others. Deciding on this in advance can make things a lot simpler as you handle some of the other details of the process.
Don’t Make Down Payment Assumptions
A big mistake some first-time buyers make is assuming they can’t even begin to enter the housing realm until they have a 20 percent down payment all saved up. While this is great if you can get it, there are several loan options out there that range from no down payment to much smaller percentage requirements. Ask an advisor about which of these you might qualify for.
For more tips for first-time buyers, or to learn about any of our mortgage services, speak to the staff at Mortgage Investors Group today.
