Are you a first time home buyer? Is the mortgage process overwhelming you?
Home buying is an overwhelming process. There are so many beautiful homes which could become yours. The only obstacle? The financing! This is why home mortgages play such a huge role in the home buying industry especially for first time home buyers. Are you aware of the process involved?
The process for first time home buyer mortgage:
- Documentation preparation
- Update and check credit history and other income statements
- Get a pre-approval
- Find the perfect home
- Get your mortgage and start making memories
The first step you need to take is to get all of your documents in order. Check with your mortgage broker about the documents which may be required by a lender. They usually ask for income statements, pay stubs and tax statements for at least the past two years.
The next thing to be aware of is credit history and debt to service ratio. These could make or break the deal for you. Make sure your credit history and score are up to date, error free and within the required limit. If it is not so, you can talk to your mortgage broker for alternate options. It is also important to maintain a healthy debt to service ratio.
It is time to begin the hunt! After you have cleared the first two steps, you can now begin to hunt for your home. But with the competitive market for first time home buyers, you need to have an edge to get your dream home. How can you get this edge? With mortgage pre-approval. This helps you know how much you qualify for and helps you to frame a proper budget.
Prepared with this information, you can make the search for your dream home a much quicker process. Make sure to get the home inspected and apprised before signing any deal. It is also important to analyze the other costs involved in buying a home and stay within your budget.
Why choose Direct Mortgage Services?
Vikrant Arya can really help you understand the process as well as make it simpler and faster. Who wouldn’t want better rates and better deals for their first time home buyer mortgage?! Vikrant can help you analyze all the costs and then present a plan which aligns itself to your needs.