How do I buy a house? - If you are looking to buy your first home look no further. First Security Financial Services, Inc. is a mortgage firm that specializes in helping first time home buyers realize their dream of home ownership. The first thing you need to do when you are considering buying a home is to get pre-approved. This will show that you are a serious buyer, let you know approximately how much of a home your are qualified for and get you started in the right direction.
To begin the pre approval process to buy a home you will want to gather your financial information. This information includes most recent pay stubs, last 2 years W-2 forms, Bank account and other financial statements. Also write down your employers names and address's for the last 2 years as well as your dwelling addresses for the last 2 years. If you currently pay rent get the last 12 months rental checks. With this information a mortgage broker can accurately pre approve you for a mortgage to buy a house.
Before you speak to a mortgage professional, you should ask yourself this question: "How much of a mortgage payment am I comfortable with?" Based on your credit score, debt-to-income ratio and amount of other monthly obligations, you may be approved for a much higher amount than you can comfortably afford. Remember, you should never make yourself "house poor." Make sure you tell your mortgage loan specialist how much you feel comfortable paying in monthly housing costs. This will let him accurately figure out the price range you should be shopping in.
When is the best time of the year to buy a home? - When is the best time of the year to buy a home? This is a very common question with many different answers. Usually one of the more popular times of year to sell and buy are right around spring time to early summer. Many families with children want to get settled into their new home and new area before the new school year begins so that they are not switching schools during the school year and this can actually make it much easier on school children to be able to start in a new school at the very start of a new school year. However, I feel the best time of the year to buy a home is when you feel you can get the best bargain for your money. You should always try to have patience when you are buying a new home. If you look long enough and hard enough you will find a great home at a great price. Having some patience and having the luxury of being able to wait can save you tens of thousands of dollars when buying a home.
Historically homes sales are double during the summer months than during the winter months. There are more homes available on the market during the summer. However, if you're willing to buy a home during the fall and early winter, historically mortgage rates have shown a trend where they are lower at the end of the year.
How to buy my first home - Buying a home can be a very "trying" experience to say the least if you do not know anything about the home-buying process and you are not working with the "right" mortgage professional. An experienced and quality mortgage professional will be able to explain the steps of the homebuying process to you, provide you with some basic mortgage and home buying education, and help you to buy your first home through a relatively easy and efficient process. Contact a top mortgage professional to help you with this process at 888-418-4467 or email at info@TheMortgageU.com.
The first step that should be taken when you are looking to buy your first home is to get pre-approved by a mortgage loan officer. Getting pre-approved will accomplish a number of things. First, getting preapproved will let you know that you are eligible to buy a home and second it will let you know how much you can afford to pay for a home. These are probably the 2 most important items when you are looking to buy a home. Lastly, getting preapproved will let the Realtor and the sellers know that you are a serious buyer and that you are ready to buy now. Having a pre-approval letter can give you a little more control of the home-buying process. Therefore, contact a mortgage professional as your first step to buying your first home.
When buying your first home, consider how much money you may be able to use for a down payment, and be realistic. Your credit is very important, and one of our specialists can help you evaluate your credit report and design a program which allows you to purchase the home of your dreams at a price you can truly afford.
When buying your first home get your finances in order. List all your expenses from your car, car insurance, credit cards, student loans, et. al. Then determine how much you can spend per month on a home. Last, determine if you have enough savings to cover any unexpected costs.