First Time Homeowners
There’s a lot to learn about buying a home. But becoming a homeowner shouldn’t be daunting. Here’s an overview every first-time home buyer should live by.
There’s a lot to learn about buying a home. But becoming a homeowner shouldn’t be daunting. Here’s an overview every first-time home buyer should live by.
There’s a lot that comes with buying a home. It’s (probably) the biggest financial purchase you’ll make. But every person should go into homeownership with all of the confidence and know-how. Here’s an overview of everything you should know before starting the home buying journey. From mortgage types to pre-approval to closing.
Purchasing a home is exciting. It shouldn’t be scary or feel out of reach. Let’s take a look at some tips, tricks and considerations that’ll set you up for success in your journey to a new home.
House hunting is definitely the most exciting part of finding a home, but it is important to prepare financially before jumping in. It’s crucial to make sure your credit is in check, income and employment are stable and to research different mortgage types. It’s common for first time buyers to consider FHA home loans — thanks to flexible credit and down payment requirements. Conventional mortgages are also common and easy to find with a variety of lenders. Do your research, find what fits best and make sure you’re prepared to get pre-approval.
The next crucial step towards becoming a homeowner is to get pre-approved. It isn’t necessary to get pre-approval — but definitely helps show your home offer is serious. A pre-approval letter is a document from a lender stating that they are tentatively willing to loan you a set amount. It isn’t always a guarantee but it gives potential home buyers an idea of what they can borrow and a general idea of interest rates. It also shows sellers that funds are available for the purchase. We recommend getting pre-approved before making any offers.
Going through the mortgage process also seems like a beast in itself. But it doesn’t have to be a long, drawn out process. Potential home buyers can apply fully online with FFB. We’ll request some information and documentation to verify credit score, income, assets, etc. We’ll then process your application and go through underwriting — where we’ll take a closer look at everything to verify all of your information. Once everything is verified, we’ll go ahead and move to closing — where you’ll pay closing costs and put a down payment on a home. Pretty easy, right? Here’s a more in-depth look at the mortgage process with FFB.
FFB offers an online pre-approval process that can get you approved in a matter of minutes.
You cannot lock in a rate until your application is complete and you have gone through the necessary steps. Depending on the type of loan you get, the number of days the process will take can vary.
Depending on the terms of the letter, pre-approvals are good for 90 days. In the event that your home search needs change, please contact your individual mortgage lender directly for assistance.
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