It’s one of the milestones of the American Dream. Being in a position to buy your first home has long been considered the achievement of an important goal. For some it represents a transition to full-fledged adulthood. For others, it can mean arriving at a certain economic level. It can be related to other milestones such as a new marriage or a child on the way. Whatever the reasons behind the purchase, it’s important that first time home buyers understand the process. Cliffco Mortgage Bankers is committed to helping perspective homeowners fulfill their dreams.
Cliffco Mortgage Bankers Can Help Finance Your First Home
At Cliffco, we help our clients learn all they can about their options related to buying a home. From mortgage options to loan programs available, we can help you finance that first home purchase. Cliffco has been in business more than a quarter of a century and we’re experts about the home buying process, so we want to pass along some advice for those who are new to it with some tips for first time home buyers.
Starting the Home Buying Process
There are several things first time home buyers should keep in mind at the start of the process that can help them down the road. The first step is determining what you can afford. The Cliffco Mortgage Calculator is a good way to start. NerdWallet suggests other preparations you can make such as checking your credit score and beginning the process of saving for a down payment. Note that it’s most common to put down a 20 percent deposit down, so it’s a good idea to know what you’re buying. A $40,000 deposit for a $200,000 house is a lot different from a $100,000 deposit for a $500,000.
One good way to get everything in order is to get pre-approved for a mortgage. Cliff Mortgage Bankers can help you with this process. We’ll ask you for information and you’ll need to submit to a credit check, but you’ll know upfront, what kind of home you can afford and at what price.
Best Time to Buy a New Home
When you’ve found the home you want to buy you need to get ready for the closing. NerdWallet says that you should budget between 2 to 5 percent of your closing costs. According to Investopedia, you should consider some other costs. The home inspection is important. You shouldn’t skip having one and you should not be afraid to ask the inspector to take a closer look at something, according to NerdWallet. Nor should you be afraid to ask questions during the inspection. If an issue does come up during the inspection, don’t hesitate to negotiate further with the seller.
Cliffco Can Help You through the Home Buying Process
If you’re new to the home buying process, Cliffco can help. We can help you get pre-approved for a loan, explain your options and help you understand what homes are realistic for you. To get started, contact us today.