Here at Patriot Home Mortgage, we are passionate about helping our clients access the right mortgage financing for their needs. If this is your first time buying a home, you can feel extremely overwhelmed by the entire process. From actually choosing the right property to buy to securing the money you need to make the purchase, there are countless factors that come into play.
Our team is here to assist you with mortgage financing options. From VA loans to construction home loans to jumbo mortgages, we offer an array of financial solutions. Feel free to reach out any time to speak to one of our friendly team members about what mortgage financing option is right for you. Check out the following five tips that will help you as you go about purchasing your first home.
#1: Take Your Time To Shop Around For Financing
Not all mortgage financing options are alike. In some cases, you need a very specific loan type in order to meet your needs. For example, conventional loans are capped at a certain amount by law. When you are purchasing a property above that amount, you need to look into jumbo loans.
In other cases, it is simply wiser for you to utilize one financing option over another. For example, if you are a veteran, your VA loan might offer you the best rates and most flexibility. Be sure you take your time shopping for the ideal financing choice for your specific needs.
#2: Understand The Role Your Credit Plays
From how high your interest rates are to the amount of money you need to put down, your credit will play a big role in the mortgage financing process. While this doesn’t mean you should despair if you have a less than ideal credit score, it does mean you need to think through your best options.
For example, you might want to spend a year working on improving your credit. Perhaps you need to seek out a mortgage company that will work with your credit score. Whatever the case, don’t neglect this important number.
#3: Factor In Hidden Costs
While many people assume they know how much they will pay in mortgage costs each month, there are many hidden costs and fees you need to consider. Be sure you budget in for insurance costs, repairs to your home, and even private mortgage insurance (PMI) in certain scenarios.
All these costs can add up, so take the time to understand them prior to signing on any dotted line.
#4: Plan For The Future
When you are a renter, you can move around as much as you please. When you invest in a home, you are a lot more limited. For this reason, it is important that you take into consideration your future plans. Do you like the city you live in? Do you plan to have kids? What will your needs be in a year’s time? Don’t forget to factor in the future as you shop for the perfect home.
#5: Work With A Team You Can Trust
Finally, be sure you are working with a mortgage financing team you can trust. You need a company that has years of experience and works with an array of loan types. Here at Patriot Home Mortgage, we can help you navigate all the mortgage financing options available to you. From VA loans to FHA mortgages, we provide insight and advice on how you can best finance your first home. Reach out today to learn more about how our services work.