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Avoiding Mistakes For First Time Buyers

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When it comes to buying a home for the first time, you must not put the cart before the horse. get pre-approved for a mortgage first.  This will determine how much house you can afford.  Choose the right Realtor! This is vital through your whole transaction. then your Realtor should direct you to the home of your choice. Professional help is always needed when it comes to first time buyers.  This goes from the realtor to home inspector.

Good credit is vital, this will show the lender how discipline you are with your finances and paying on time. the higher your score is, the better your interest rate will be and lower monthly payment and more home you will qualify for.  Be honest with your lender because it will reflect on your credit report and will save you a lot of time. Follow instructions from your loan processor as they submit your documents to the underwriter.

"Save your money" even if it has to sacrifice Christmas and your tax returns.  Remember this is an investment you are making. There are several types of loans. VA, Conventional, FHA, USDA. VA are for honorably discharged veterans with no mortgage insurance, Conventional requires a higher credit score with more money down and no mortgage insurance, FHA is the most common loan for first time buyers with mortgage insurance. Depending on your status you may qualify for one of these loans. There are lender incentives for school teachers, nurses and fire fighters

Do not make any major purchases or have any other credit pulled while you are going through this process.  This will throw the numbers off on your pre-approval and disqualify you from your home purchase.  This is on the average a 40-50 day process. 

This is just a bit of information to get you started and if you have any questions feel free to contact me today at 850 496-6412.

 



All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: | Stellar MLS (updated 4/8/20 9:43 AM)
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DBA Wendy Morris Realty
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Winter Garden, FL 34787

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