Buying your first home is indeed a big step. After the economic crises of 2008 and the collapse of the Housing Bubble, buying a new home is often the biggest decision for some people.
At Thompson Kane, 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. Here’s what you need to know:
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 and 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.
There are two main categories of loans offered- the traditional mortgage programs and alternate loan initiatives.
High interest rates, shorter repayment period and larger monthly payments characterize most of the traditional loans.
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.
Two of the most significant of them include:
Our professional loan processors and personnel offer complete information and assistance with respect to these special loans. To find out which loan you can avail and the minimum monthly payments within your affordability range, you can check out our loan calculator or give us a call at 800-228-9270.
In order to qualify for any of the state-sponsored bond programs, borrowers should fulfill certain annual income limits. Furthermore, the Federal National Mortgage Association (FNMA) offers a wide range of start-up loans with low down payments, interests and monthly repayments. Find out more at Thompson Kane.
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 professional mortgage
consultants today, analyze all your loan and repayment options and make the smartest choice, when buying a new home. We’re always just a phone call, an email, or an SMS away! 800-228-9270