5 Tips for First-Time Home Buyers
Buying a home for the first time can be one of the most exciting times in one’s life. However, with all that excitement and joy comes a fair share of stress and anxiety. Honor Mortgage Solutions specializes in working with first-time home buyers and ensuring the process is as smooth and stress-free as possible.
Today, we’re breaking down Steve Smith, founder of Honor Mortgage Solutions, top 5 tips for first-time home buyers.
Know what you can afford (and be realistic)
When considering buying a home, it's easy to get swept up in the fantasy of it all, but remember to be realistic and reasonable about what you can afford. Remember, your mortgage payment is just one of many homeownership-associated costs. Don’t forget to account for additional costs like property taxes, homeowners insurance, utilities, repairs, new furniture, etc. Additionally, you may want to consider setting aside an “emergency fund” for unexpected expenses that arise.
A lender who doesn’t have your best interest in mind may approve you for the absolute maximum of what you can afford, but that doesn’t necessarily mean you should hit that threshold. Rather, consider homes that are reasonably within your budget and leave you with plenty of financial breathing room after you’ve made that important purchase!
2. Educate yourself on the process.
At Honor Mortage Solutions, education is an important part of the way we best serve our clients. If you don’t understand the process and your options, how can you know you’re making the right decision for you and your family? Part of navigating the home buying process as a first-time buyer involves knowing your loan options and what you qualify for. A good lender should take the time to educate you on all your options. Conventional loans, VA loans, physician loans, and FHA loans all have different benefits and eligibility requirements. Furthermore, as a first-time buyer, you may also qualify for a low down payment loan. Make sure your lender walks you through all the options to help you make the best choice that will both align with your needs today and save you money in the long run!
3. Be smart! Don’t fall for gimmicks.
Have you heard the age-old phrase “If it sounds too good to be true, that’s probably because it’s not true”? This absolutely applies to the mortgage industry. If a lender is promising you a rate that you never dreamed was possible, it’s likely because this is a sales tactic or ploy to get you in the door. On that same line of thinking, it’s important to remember to shop for the right person and lender NOT the right rate. Most firms will be able to offer you rates within a very close range of the next. Don’t chase down a “dream” rate with the wrong person!
4. Don’t wait. The best time to buy a house is right now.
Often, buyers (especially first-time buyers) will kick the can down the road waiting for the perfect time or the perfect rate. The simple fact is, that home prices double every 15 years, waiting around won’t get you anywhere. Chasing that elusive low rate will just leave you frustrated. The bottom line: if you can afford it, the best time to buy a home is RIGHT NOW.
5. Choose the right lender who can guide YOU.
When considering buying a home for the first time, having the right lender by your side will make or break your experience. At Honor Mortage Solutions, we’re committed to three things: honesty, customization, and integrity.
Honesty: We operate with complete honesty and transparency when communicating with our clients. Reflective of our name, we strive to operate with honor and class in every aspect of what we do.
Customization: We offer an individualized, customized, white-glove approach to engaging with clients, ensuring that their needs are always met.
Integrity: We operate with complete integrity, always keeping our client's best interests in mind. This means we won't push products or loans that aren't the absolute best fit for a client.
These three things set us apart from all other mortgage firms in the industry and can give you peace of mind knowing you’ve chosen a lender who will always put you first.
If you want to learn more about the process of getting pre-approved for a loan, reach out to us today! We’re always here to help.