The route to home ownership can be an exciting, but overwhelming journey. Here at Associates Home Loan of Florida, Inc., we want to help you achieve your goals. We have decided to write this week about the home buying process. It is important to make a thorough list after you read this post. Consult with the mortgage professionals in our office to make sure you include everything.
The Home Buying Process: Your Finances
The first step in the process of buying a home is to get your finances in order. Your credit rate and financial history will affect the rates and terms of any loan that you need to buy a home. Start by checking your credit score and getting your budget in order, then, decide how much you want to save up for a home down payment. Though there may be programs that offer no down payment, it is still important to save and to have options. You can also establish a goal for your monthly mortgage and home payments. With this goal in mind, you can better negotiate your financing.
The Home Buying Process: Mortgages
Once you have a handle on your financial capabilities and goals, you can then decide which mortgage can best suit your needs. You can decide whether you want a fixed-rate or adjustable-rate mortgage and whether you desire a government-backed loan. Look into whether you will qualify and save with programs such as VA Loans, FHA Loans, or USDA Loans. You can also consider the term of your loan (10, 20, 30, 40, etc. years). Finally, call professionals at Associates Home Loan of Florida to get rates and calculate your monthly payments.
The Home Buying Process: Lenders
Do your research on lenders for your future home. Remember: you will be in a long-term relationship with this company. You should get three quotes at the minimum. You can also check current mortgage rates and negotiate when you see you can get a better offer. After you have selected someone, you can be pre-approved for the mortgage, but note that the pre-approval will only be temporary.
The Home Buying Process: The Property
Now, you are ready to shop around for a new home. Consider the neighborhood, amenities, and features you will want in your home. Note that programs under FHA, VA, and USDA loans have restrictions on the home that they will finance. You can also contact Associates Home Loan of Florida to find the right agent to assist you.
The Home Buying Process: Approval and Closing
When you find a home, you will need to submit a package to complete your mortgage application. This includes documentation of your income, assets, debts, tax returns, and bank statements. Be sure you have details of any long-term debt rates, businesses owned, or litigation pending. Upon approval, you will need to pay closing costs and submit the right documents. Associates Home Loan of Florida agents are standing by to answer any questions you have about the home buying process in Tampa, FL. We look forward to assisting you!