Buying your first home is a great moment in life that will lead you to form lasting relationships with your community and neighbors. There are lots of exciting choices to make, City Center vs. Suburbs or you be more inclined to live in a rural area. Whichever you choose SunnyHill Financial can help you meet that goal, through our lending partnerships. Based our our many many years of collective experience, here are SunnyHill Financials' tips on how to approach the first time home buying process.
Figure Out What Type of Home You Are Looking to Buy
Dreaming about and touring homes is a very exciting time in your life. It is important for you to identify which features are most important to you in your first home. Items like the number of bedrooms and bathrooms, how much outdoor or indoor space you need (Puppy?), types of appliances and the overall flow of the house are all important criteria. Use this criteria to narrow down the search for the property and work with your Mortgage Advisor to ensure that the property type is financeable.
Think about move dates, and how long you want to live in the home. The length of time you plan to live in the home will help you understand which home loan product best fits your needs. Setting a goal for your purchase date will also help organize the search. Choose your realtor wisely. There are a number of sources for good information for this including friends and family, open house listings, and online reviews. Often times meeting with the realtor in person, can help make sure they are qualified to fit your needs.
Understand Your Finances
Having an understanding of how much money you can afford to put down will help you figure out how much you qualify for. This will be instrumental in helping you pick pricing for your first home. Select the ideal home loan based on your credit score, interest rates, and insurance. There are a wide variety of products. So it's a good idea to understand all your options. One of the benefits of working with a mortgage broker is access to a diverse set of lenders.
A good Mortgage Loan Officer will take the time to help you understand all the best options.