Buying your first home can be an exciting time in your life, but before you take the leap to homeownership you will want to be certain that you are prepared. At Dream Home Lending, we can answer many of the questions you may have when considering transitioning from renting into buying your first home. Our team would be happy to sit down with you and analyze your credit report, discuss your overall financial goals and tell you about some programs that may make buying a home easier than you thought possible.
Here are some of the questions we will review when you come in to help prepare you to become a successful homebuyer:
How is your credit?
Before you consider purchasing a home, we will review your credit report to check for inaccuracies. While it is not necessary to have a perfect credit score to apply for a home mortgage loan, it is important that your credit score is correct and that your past few years of credit history show that you are responsible with your debt repayment. Even if you have some credit issues, our team can suggest some great tips for improving your score.
Have you saved enough for a down payment?
For most first-time homebuyers, a home down payment is one of the largest investments they have ever made. While there are many loan programs that can help you reduce the amount you’ll need to put down, a larger down payment will help you create more instant equity and reduce your monthly payments.
Can you afford the monthly payments?
Even if you have saved enough money for your down payment, you need to be certain that you are able to afford your monthly mortgage payment. Do not forget to factor in expenses like property taxes, insurance, HOA fees, etc. We will go over your budget and your financial goals to make sure that you are comfortable with your mortgage payment and still have enough money each month to enjoy your life in your new home.
