Becoming a First-Time Home Buyer:
How & Where to Begin
You've made the big decision ...
You've decided to buy a home!
Now what? Where do you begin?
Begin by focusing on your future mortgage needs ...
So ... you've heard that securing a mortgage and financing a home can be challenging?
The mortgage process can seem a bit daunting to some First-Time Home Buyers. But I'm here to tell you, it doesn't have to be that way. Your home buying dream can become a reality if you prepare yourself and devise a plan, and then stick to that plan.
Here's how and where to start ...
It's always a wise first step to thoroughly educate and prepare yourself prior to taking any new endeavor. That's doubly true for novice Home Buyers entering their first mortgage process.
The internet can be a very valuable tool and a great place to start with that preparation and education. You'll find a myriad of informative and reliable websites, blogs, and articles available there.
Plus, via the internet, you can familiarize yourself with the process that lies ahead and acquaint yourself with the lingo and terminology used during the mortgage and home buying processes. That's a tremendous help.
But most importantly ... and you shouldn't delay in taking the following vital step ...
Find and talk to an experienced knowledgeable Loan Officer as soon as you decide to buy. The sooner you do this the better, as the value found in doing so is immeasurable.
How? Where? Why?
The following goal should be first and foremost with every potential Borrower (whether First-timer or repeat):
Growing and improving the number of financing options available to them ...
Speaking and working with a Loan Officer early on greatly increases the chances of accomplishing this goal successfully.
But beyond speaking and working proactively with a Loan Officer ... what other steps can be taken to insure smooth and successful mortgage financing?
Learning and performing the following PRIOR to starting the search for your home will deliver the head start and results you desire:
- Establish then fully-commit to your home buying/financing priorities
- Evaluate your financial expenditures
- Go over all your finances with a fine-tooth comb
- Cut needless spending and find ways to save
- Designate a savings account specifically for Down Payment monies and Closing Costs (or simply identify your current savings as your Home Buying Account)
- Make the building of your Down Payment and Savings a prime objective and goal
- Check your Credit Report to learn your Credit Scores (A free Credit Report (1 per year) is easily completed at www.annualcreditreport.com)
- Check your Credit Report for errors
- Don't open any new credit card accounts
- Pay down as much debt as possible
- Consider and weigh all your expenditures. (Do you really need to buy that new car BEFORE buying a house?)
- Get organized and begin gathering the documentation needed for Mortgage Pre-Approval and Application
- Contact your Loan Officer to begin the actual Pre-Approval Process, at which time the Mortgage Credit Report will likely be pulled, if agreed upon
The earlier and better prepared you are (both in knowledge and organization), the more easily, fluidly, and successfully your financing and home buying will proceed and conclude.
Pair the above with a willingness to ask questions and commitment to communicate in a timely manner. Do that and you WILL SUCCEED ...
* Hoping to Buy or Refinance a Home in New Lenox or elsewhere in the Chicagoland area?
I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at: