First Time Home Buyer? Understand the Mortgage Process

Posted on by smaciel

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Are you a first time home buyer?  Do you have questions about the mortgage process?  As a first time home owner, you may have a lot of questions.  It’s important to understand how the mortgage process works to help you navigate your local housing market.  Finding your first home has a lot more to do with financing and finances than you might think.

Getting Started 

Before you start shopping for the right home, it’s important to educate yourself about the mortgage process and understand your financial picture.

You can do this by gathering industry experts to help you throughout the process.  Review online resources that provide step-by-step guidance to the mortgage process, talk to friends and family that have gone through the mortgage process in the past or review some of the online mortgage resources provided on the Pacific Shores Financial website to help educate yourself about important mortgage terms.

Take advantage of valuable resources, including;

·        Housing counseling

·        Deploying a spending plan

·        Long-term managing of your money

·        Reviewing different debt repayment options

For a list of housing counseling agencies approved by the U.S. Department of Housing and Urban Development, call 800-569-4287 or visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.

Protecting your Finances

Ensure that you are shopping for a home that is affordable and fits your budget.  Take advantage of our online Mortgage Payment Calculator to find an affordable price range for your home.  This tool will calculate the cost of the home, loan program availability, interest rates and other variables to help you come up with an affordable monthly payment.

Beware of easy money.  Don’t listen to lenders who claim that credit problems won’t affect the interest rate of your loan.  If you have credit problems, work with a legitimate credit counselor.  Beware of scam credit counseling and credit consolidation agencies.  Get the facts before you decide to consolidate your debt into another loan that may negatively impact your credit score.

Find out about the penalties and fees tied to your loan.  Understand the total package to ensure that you get the loan that best fits your budget and buying plan and the best possible experience all around. 

Entering the Home Buying Process

First Time Homebuyers should begin the process by educating themselves and having a clear understanding of their finances.  This will ensure that you get the right loan and have a good experience through the entire process.  If you have questions about buying your first home, please leave them below or, to receive more great information on home financing, enter your email to the right. 

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