First Time Buyers
A Guide for First-Time Homebuyers
Buying your first home is a big step. At Traditional Mortgage, we understand the perils involved in buying a home for the first time. We’re here to offer a comprehensive step-by- step guide to all first-time buyers on how to secure the best deal on the ideal home.
What You Need To Know
Pre-Qualification & Pre-Approval
The first step to buying a home involves a preliminary overview of your income, assets and credits. This pre-qualification process is intended to give you an idea as to where you stand financially. It provides you an insight on your affordability range.
The next step is pre-approval, where all your documents are carefully examined and a full report is prepared as to your income level, the purchase price and monthly payments well- suited for all your needs. Contact our licensed Loan Officers today to get started with the reviewing process.
Types of Loans Offered
There are two main categories of loans offered, the traditional mortgage programs and alternate loan initiatives. Alternately, the federal and state governments offer a wide range of programs that make it easier for first-time homebuyers to secure a low-interest and low monthly payment loan. Three of the most significant programs include:
- Federal Housing Administration (FHA) Loan
- Veterans Administration (VA) Loans
- USDA (Rural Housing) Loan
Our professional loan processors and personnel offer complete information and assistance with respect to these special loans. To find out which loan you can secure and the minimum monthly payments within your affordability range, you can check out our mortgage calculator or give us a call.
The final important factor in home buying involves the closing date. This is the predetermined and mutually-agreed date at which the contract is signed and all closing fees are paid. These may include remaining down payment, interests, insurance and closing fees. On this day, you become the official owner of your new home.
If you’re buying a home for the first time, talk to our licensed Mortgage Loan Officers today, analyze all your loan and repayment options, and make the smartest choice when buying a new home.