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Ready to become a homeowner? Our first-time homebuyer tips will teach you how.
1. Clean Up Your Credit
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Know your credit score
Lorem ipsum dolor sit amet, consectetur adipiscing elit. You can get a free credit report once a year online by visiting annualcreditreport.com.
Check your credit report
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2. Learn Mortgage Terminology
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Explore our Mortgage Glossary to become more familiar with mortgage terms.
Get to know the different home loan types that are available to you.
3. Establish Your Homebuying Budget
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Be sure to include all your expenses, including:
Monthly bills (utilities, loans, etc.)
Your costs of living (food, entertainment, etc.)
Estimated property taxes
Estimated homeowner’s insurance
Estimated private mortgage insurance
Potential Homeowners Association fees
In addition to these recurring costs, remember to factor in one-time costs during the buying process, including closing costs and your down payment.
4. Calculate Your Debt-to-Income Ratio (DTI)
Lorem ipsum dolor sit amet, consectetur adipiscing elit. You can change your debt-to-income ratio by either increasing your monthly income or decreasing the amount of debt you carry each month.
5. Don’t Choose a Mortgage Lender Based Solely on Rate
Lorem ipsum dolor sit amet, consectetur adipiscing elit. It’s important to work with a reputable, trustworthy company that offers a wide variety of loan products.
6. Get Pre-Approved, Not Just Pre-Qualified
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Pre-Qualification
Pre-Approval
With a pre-approval, you’ll be able to set your budget, negotiate confidently, and close faster.
7. Choose a Real Estate Agent Carefully
Lorem ipsum dolor sit amet, consectetur adipiscing elit. It’s a good idea to get referrals from family and friends who’ve been through the homebuying process.
8. Interview several agents before choosing one
Not sure what to ask? Here are some suggestions:
How long have you worked in real estate?
Is this your full-time job?
Have you sold other homes in the area I’m interested in?
How many total sales have you done in the last year?
Will you be present for the closing of my loan?
9. Location is Everything
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10. Don’t Make Financial Changes During the Loan Process
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11. Get a Home Inspection
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Inspections help you fully understand the condition of a home.
12. Get All Details in Writing
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Final Thoughts
Lorem ipsum dolor sit amet, consectetur adipiscing elit. If you’re feeling overwhelmed or ready to begin the mortgage process, we’re here to help!
If you're interested in learning more about Loans, Contact Us.
The information provided in this blog post is for general informational purposes only and does not constitute professional financial advice. Freestone Mortgage LLC makes no representations or warranties about the accuracy, completeness, or suitability of this information for your specific situation. Mortgage refinancing options and outcomes can vary greatly depending on individual circumstances, market conditions, and regulatory changes. Before making any decisions regarding mortgage refinancing, you should consult with a qualified financial advisor or mortgage professional to obtain personalized advice. Freestone Mortgage LLC is not liable for any losses or damages arising from the use or reliance on the information provided in this blog post. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction
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