Are You a First-Time Homebuyer? Do These Things First

Are You a First-Time Homebuyer? Do These Things First

Are You a First-Time Homebuyer? Do These Things First

Buying a home for the first time is exciting, but it can be a long process with many twists and turns. Do some work on the front end to make sure you don’t miss any steps.

Follow these tips so your path to being a homeowner is smooth all the way through.

Sock Money Away

The more money you save, the easier the homebuying process will be. While the amount you’ll need will depend on the loan type you choose, keep in mind that down payments, closing costs, and moving expenses are a few of the things you’ll need to foot the bill for.

Check Your Credit Report

Your credit report will be a key component of getting qualified for a mortgage loan. As soon as you decide you want to buy a house, order your free credit report from Read your credit reports from the three credit reporting companies Equifax, Experian and Transunion — and dispute anything that’s not true. Credit report errors are common and can decrease your credit score, making it difficult to get approved for a mortgage. Straighten these issues out well in advance.

Pay Down Your Debt

If you have credit card debt, cut out your extra spending, postpone big purchases, and pay more than your minimum payments. Decreasing your credit card debt may help increase your credit score. It also gives you a more favorable debt-to-income ratio.

Set a Budget

Figure out how much house you can afford BEFORE you start looking. Include expenses like property insurance and taxes and unexpected repairs into the calculation. That way, you’re more likely to stay within your budget and less likely to fall in love with a property outside your price range.

Talk to a Loan Officer

Find a reputable loan officer who is experienced in working with first-time buyers. They will be able to answer your questions and lay out all the first-time homebuyer programs available to you. Your loan officer will be a valuable partner throughout your homebuying journey.

Keep Your Job

Lenders like seeing a stable work and income history. You should strive to have two years of employment at the same company. If you were thinking about changing jobs, put those plans off until after you’re in your new home.

Ask Lots of Questions

There are plenty of moving parts in the homebuying process and lots of terms you may not recognize. Trust your real estate agent and loan officer to answer your questions thoroughly and thoughtfully. Don’t be shy about asking for clarification on any points that aren’t clear to you.

Buying a house for the first time can be daunting, but don’t let the stress of the process take the joy out of the experience. By following our top tips, you can be on the right track to homeownership before you even look at the first house.

Are you a first-time homebuyer who’s looking for a loan officer you can trust? Contact MIG today and discuss your goals and options with one of our experienced loan officers.


Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020