A Strategy for First-Time Home-buyers

If you’re a first-time home-buyer who has succeeded in saving enough for a down payment on your very first home – congratulations! You did your homework prior to starting your home search and realized you don’t need 20% for a down payment on your first home. You’ve tackled one of the hardest elements of the home buying journey with success, however you haven’t crossed the finish line to home ownership just yet. Now it’s time for the follow-up work which will take you from prepared to purchase.

A Strategy for First-Time Home-buyers

Credit Check

Are you aware of what your credit score actuall is? If not, it’s time to request a copy of your credit report from TransUnion, Equifax and Experian to discover your score and what it implies to your future financial picture. Begin working to remedy any errors or outstanding debts before it’s time to make an offer on a house. It’s vital that you determine your DTI, or debt-to-income ratio, by reviewing assets and debts. The higher your DTI rate, the riskier the investment for lenders that can result in higher interest rates for borrowers.

Prepare the Paperwork

Begin gathering all necessary documents now to make the process run smoothly. Based on your situation, this could include income documentation, proof of assets, personal documents, pay stubs, tax returns, bank statements, IDs, previous addresses and Social Security numbers. Study the documents as you collect them to get to know your financial situation, motivate your home search and keep your debt-to-income-ratio low.

Your Pre-Approved

Once you choose the right agent, (Nick, Cindy & Nicholas) the next step is to make an appointment with a loan originator (choose one near you). A loan originator will help you with pre-qualification or pre-approval. Take into account that many homeowners borrow below the maximum to take into account other expenses and opt into lower monthly payments. Revisit your financials with these new numbers in mind and, if necessary, make any final edits to your budget and payment plan.

Lets find your new home here in the Tampa Bay and Surrounding Areas?  We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

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