Buying your first home is an incredible achievement. After months or years of building up enough savings for a downpayment, it’s finally time to start looking for your first home. Before you begin the journey of this next chapter, it’s good to slow down and educate yourself a little, after all, buying a home isn’t something that you should do out of impulse.
The team at e-Homes Realty wants to ensure that the first-time home buyers that we work with don’t go into this process blindly. That is why we are starting a three-part series that covers just a few of the tips, tricks, and information that all first-time homebuyers should know. That being said, make sure that you continue to keep an eye out for the following parts of this series, but for now, let’s dive into a few things every first-time home buyer should know.
Shop Around For Mortgage Lenders
For first-time homebuyers (or any home buyer), the financial aspect can be the most intimidating. While it makes complete sense that you’d want to hop on any offer that you get, it’s good to know that you should spend some time shopping around for the right mortgage lender. There are so many different mortgage options out there, the first one that you talk to is probably not going to be the one that you wind up going with.
If you haven’t talked to any lenders yet, check out our last blog post where we covered qualities that you should look for in a mortgage lender.
Seek Out Loan Options
There are so many different types of loans that assist with buying a home, most people aren’t even aware of the loans that they are eligible for. As a first-time home buyer, it’s good to seek out the different loan options that you qualify for. Here are three of the most common home buyer loans:
These loans are guaranteed by the Department of Veterans Affairs. Depending on the house, the overall amount, and some additional factors, there may not be a downpayment required at all.
Conventional Mortgage Loan
These loans set their standards based on the government and will often require you to put a certain amount of money down in order to get the loan amount. More often than not, at least three percent of the overall loan needs to be put down.
First-Time Buyer Loans
While this isn’t something that everyone can take advantage of, there are a few first-time buyer loans that some may qualify for. These loans are designed with the fact that first-time buyers are only just beginning to build up savings for their down payment. Often times these loans will come with a lower interest rate and lower down payment amounts.
Work With E-Homes Realty
We’ve only just begun to talk about the different things that first-time homebuyers should be aware of, and we’re not done yet! As a first time home buyer, you should take advantage of any assistance that you can get. E-Homes Realty is fortunate to be able to provide first-time home buyers in Gilbert with the help that they need to find the home of their dreams. Reach out to us today to get started on the home buying process, and make sure to keep an eye out for the blog posts to come.