How to Get First Time Home Buyer Mortgage Easily
Buying a home for the first time is quite an exhilarating emotion. But the processes you have to go through can diminish this for you. First time home buyer mortgages are not easy to get but they aren’t impossible either. You just have to do the steps correctly. If you are undergoing the process for the first time, you are probably lost at the very first step. So many questions must be running in your mind, should you go to a bank or hire a banker? And more such confusing dilemmas.
If you follow these five steps, being a first time home buyer trying to get a mortgage will be super easy for you!
- Hire a broker
- Align your finances
- Learn the market
- Shop till you drop
- Look at the overall picture
- Hire a broker: Yes, this is the first thing to do. Forget all those rumors saying that a broker is just an added expense. Spend your time hiring a good Mortgage Broker. Research them and get references. This will halve your work and make your first time home buyer mortgage process so much faster than it would have been if you had been on your own.
- Align your finances: When applying for a first time home buyer mortgage, you should take the step of making sure your finances are in the right order. This includes reviewing your credit history and your debt to income ratio.
- Learn the market: Before you go hunting for a lender who can provide you with the same rate a friend of yours got for his first time home buyer mortgage, you should check up on the market rates at the current time. They could be higher or lower than they were when your friend got it. The aim is to get the lowest rate which suits your needs, not the lowest rate. Researching the market is always helpful for someone looking for a first time home buyer mortgage.
- Shop till you drop: A first time home buyer mortgage is not something you can get with the blink of an eye. There is so much competition for this. There are so many individuals willing to pay more down payment or adjust to higher rates. This is why you really need to shop for a first time home buyer mortgage. Your broker can do this for you while you sit in the comfort of your home.
- Look at the overall picture: The trick to getting a good first time home buyer mortgage easily is that you should not run after the lowest rates. You should look to see if the plan you are taking will fulfill your needs. Consider all the factors before you sign the papers.