If you're a first-time homebuyer, know that you're not alone. Over 45% of homebuyers are doing so for the first time, and we love to help first-time buyers make it happen in the smoothest possible fashion. Financing is often the most confusing part, but with our help, we can make it fast, easy, and even enjoyable!
Here's what most first-time buyers wish they knew before they started the homebuying process.
Worried that if you don't have a big down payment, you can't buy? Not true! One of the biggest misconceptions about home financing is that a 20% down payment is required for homeownership.
Several home financing options offer 0-5% down! Although it's important to note that anything less than 20% will often require mortgage insurance. But even then, the opportunity to purchase real estate, even with the insurance requirement, is highly advantageous to first-time homebuyers.
Just as homes come in different styles and price points, so are the ways you can finance your home purchase. There are several loan options; it's just about deciding which is best for you. That's where a trusted loan advisor comes in.
Many may assume the best choice is the classic 30-year fixed loan, which offers many advantages, such as a set interest rate. But it may not be the best fit.
For example, a government-backed loan might be a good option if a low credit score is your primary hurdle. FHA, VA, and USDA loans offer impressive financing options for people with lower credit scores, low down payments, or people looking to live in a rural area.
Pre-approval plays a major role in buying a home, and shopping without it can become a significant barrier. In fact, doing it early on will prove to be beneficial.
Getting pre-approved before home shopping will help you shop within your budget, avoiding potential disappointment down the road.
Doing it early also helps you catch any errors on your credit report to give you time to fix them. A higher credit score could mean a lower interest rate, which could translate to saving tens of thousands of dollars in interest payments over the life of your loan.
Most importantly, getting pre-approved may also prove to realtor agents that you are a serious shopper. Buyers who use an agent are more likely to request pre-approval, suggesting that their agent highly recommends pre-approval.
It's valuable to research different loan types to guarantee you're getting the best possible choice for your unique financial situation.
Of course, you don't have to do it alone --that's why we're the professionals! We work on your behalf, not the sellers, to ensure that your best interest is at the forefront as you purchase your first home.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1647414
8200 NW 41st Street Suite 200
Doral, FL 33166
Phone: (305) 725-5626
Raul Pestonit NMLS: 226247
Real Property Mortgage Company strives to ensure that its services are accessible to people with disabilities. Real Property Mortgage Company has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Real Property Mortgage Company makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows realpropertymortgageco.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Real Property Mortgage Company accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Real Property Mortgage Company continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Real Property Mortgage Company website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Real Property Mortgage Company website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: RaulPestonit@gmail.com