While buying your first home can be an exciting process, purchasing a home also comes with tribulation and a lot of work. However, renting is a pain and with it brings many restrictions and the space if never truly yours. Buying a home can be a great investment opportunity, and though the process is filled with complications and time-consuming tasks, the end result can pay off. Here to help with this tiring process, Veritas Funding will guide you through as professional mortgage lenders. To aid you in your decision and purchase, we’ve composed some tips and advice that all first-time home buyers should know.
A Few Tips
We know how overwhelming purchasing a home can be, especially for first-time buyers. As you prepare to delve into this tiring, yet exciting process there are a few things you should keep in mind or become familiar with:
- Understand Mortgages – You should know about the differences between fixed mortgage rates and adjustable rate mortgages. As mortgage lenders, Veritas Funding can help you with rate estimates and costs.
- What You Can Afford – While buying a home can be a good investment, you should buy your home to meet your own budget and specifications. Also consider saving for a down payment. A down payment of 20% is often advised and it can lower monthly payments.
- Credit Scores – In addition to having a down payment, a good credit score is crucial in finding an affordable home and reasonable mortgage rate. Before buying a home, make sure you do a credit check.
- Inspect the Home – Paying more for a good home inspection can be critical. With such a big purchase and commitment, you’ll want to truly know and understand the condition of your potential home.
Additionally, keep in mind that buying your first home is a big decision. Be patient and be aware in the steps you take. Exercise your options and educate yourself further on the information above. Veritas Funding will guide you through the mortgage lending process and provide you with the correct paperwork to suit your needs, as well as get it done on time. For additional information, please check out my mortgage calculator or call me today.