First-time Buyers Mortgage Guide
Deciding to purchase your first home is can be one of the most exciting and significant decisions you’ll ever make in your lifetime. However, buying your first home can be quite daunting and stressful. Several factors must be considered before you buy your dream home. The most important thing to do first is secure your mortgage.
There are several types of mortgage products and choosing the right one can feel overwhelming. Hiring Tim Barnes of Vine Grou
p can ease the process, especially for first time home-buyers. Tim Barnes of Vine Group will help you by offering the right advice and ensuring the application process is simple, fast and accurate.
If you’re ready to start shopping for a mortgage, we’ve compiled a list of things to consider as you look around.
The Size Of Your Down Payment
The size of your down payment affects the type and rate of mortgage you will qualify for. The larger your deposit, the more options you’ll have.
A common down payment is 20%. For example, you would provide a $20,000 down payment for a home that costs $100,000. However, you do not always require twenty percent down payment to buy a home. It’s important to note that with a down payment amount of less than 20%, you may be subject to private mortgage insurance (PMI). TIM Barnes of Vine Group can help you decide the right down payment amount for you.
Your Credit Score
Your current credit score is the primary qualifier as you apply for a mortgage. With a good credit score, you’ll have access to the entire list of mortgage options. Lower credit scores reduce the available types and rates of mortgages. It’s a good idea to know your credit score before applying for a mortgage.
Current Mortgage Rates
First-time home buyers have access to several types mortgage products. To help narrow down which options are best for you, find information on the current mortgage rates. You can find current mortgage rates with a quick online search but a mortgage expert can help you make sense of numbers and explain the options in greater detail.
A mortgage will be your financial responsibility for years to come, and is one of the most crucial decisions you will make during the home buying process. Working with a mortgage expert can help you find the right financing options for your home.
Tim Barnes of Vine Group will help you choose a lender with the right term, the best rate, and the lowest closing costs. We’ll work quickly and efficiently to get you into your new home as soon as possible.