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20
February
First-Time Homebuyers: Where to start
Posted byAs a First-Time Homebuyer, it is a good idea to start the pre-approval process before looking at homes. You will know what price range you are pre-approved for, so that you aren’t looking above or below your price range. In today’s market, homes can sell quickly. If you are pre-approved, your pre-approval letter shows sellers that you have the financial backing to make a solid offer.
As a first-time homebuyer, you have many financing options. First, you could go with a traditional conventional 15- or 30- year loan or FHA 15- or 30-year loan. Maybe your new home would qualify for a USDA loan. Are you a veteran? If so, a VA loan may be your best option. Meeting with a loan officer, in Fargo, ND, Maple Grove, MN or Grand Forks, ND, helps you understand the ins and outs of all your financing options. This will give you peace of mind when you are shopping for the right home. You know that you have the best financing option available when you run across the home of your dreams!
Meeting with a loan officer will allow you to understand what you may need to do to close on a home. How much money do you need to save for a down payment? Will you be required to have money set aside for an escrow account for your homeowner insurance and taxes? Is your credit score where it needs to be? After meeting with your mortgage consultant, you will have a clear and realistic understanding of what you need to close on your first home!
The first step in the pre-approval process is starting an application. You can Apply Online Here.
Are you interested in consulting with a loan officer prior to applying online? Contact Us Today
Our Maple Grove office is having two Homebuyers Social this month! Come and learn about the purchasing process. There will be free drinks and appetizers and time for Q&As. RVSP Today!