Buying a home for the first time is a very special feeling for people. It is one of the most significant purchases that you will make in your life. In such a situation that is alright to feel a bit nervous, intimidated, and confused about the process of home Buying. A first-time home buyer could buy a home for the first time or someone who is buying the property after a break of 3 or more years. Time changes, and so do the processes. The process may differ due to the technological advancements and new policies by the Government. Drew Mortgage, mortgage lenders in Massachusetts, understand your concerns completely. We have curated a stepwise list that you can easily follow up on for your first home buying. The process let’s check it out.
STEP 1: DETERMINE YOUR BUDGET
The process of buying your first home should always start with determining your budget. Household finances and the budget for buying your dream home in the desired location needs to be in sync. Always try to save the maximum amount for the down payment. Once you know how much you can afford and the locality you are looking for your first home, you are good to move ahead.
STEP 2: CHECK YOUR CREDIT SCORE
Buying your first home with cash is always an option. However, most of the first time home buyers prefer to take a mortgage. Wondering how credit score and mortgage are connected? Well, mortgage lenders use the credit scores to determine how much loan can be given to you. A low credit score indicates your lack of reliability, whereas a high credit score indicates that you are good at repaying debts. This score matters a lot because of the significant loan amounts.
STEP 3: TAKE MORTGAGE APPROVAL IN ADVANCE
Imagine you have found your dream home in the desired location and have a determined your budget. As you start the buying procedure, you face mortgage approval problems due to credit scores or other paperwork. That sounds disappointing, right? This is why the best idea to get your mortgage pre-approved. It saves a lot of time, and you get to know the limits for your mortgage amount. Therefore, you waste less time in properties out of your budget. Connect to Drew Mortgage for fast approvals. We are one of the leading Massachusetts mortgage companies and have the best mortgage options for first-time home buyer programs ma.
STEP 4: START YOUR FIRST HOME SEARCH
Once you have mortgage approval, now is the best time to begin your home search. Connect to the Real Estate Agents to find multiple options suiting your budget and personal needs. A professional real estate agent and mortgage company can guide you the best regarding documents, process, and bidding the best deal. You can also begin a house search within clicks right from your comfort zone. Shortlist a few suitable options, connect to the sellers. This process can take longer than expected, be patient. After all, you are buying your first home. Enjoy the process.
STEP 5: SCHEDULE A HOME VISIT
While you can connect to your home seller online, it is very important to visit and check the property thoroughly before signing any legal documents. Schedule your visit to the shortlisted home. Check if the home meets all the criteria mentioned by the seller. Have an inspection for electric connections, water supply, the neighbors, location, and more. If your new home requires some repairs, talk to your mortgage lenders. They will suggest you the best options available for your needs.
STEP 6: COMPLETE DOCUMENTATION PROCESS & CELEBRATE
Wahoo! You will be on cloud nine by the time you reach this step. It is so satisfying feeling for a first-time homebuyer to own the home finally. Complete your documentation process. Make sure you negotiate on the property and then proceed with the buying process. Read all the documents carefully and sign. Take the help of a Real Estate Broker to ensure everything is done in the right way. Collect all the necessary documents/approvals before you shift into your new home. And, keep a lavish housewarming party for your friends & family.
GET STARTED TODAY!
Now, we have cleared a roadmap to reach your dream home. If you are starting your hunt, looking for a credit score check, or need fast mortgage approvals, Drew Mortgage is here for you. Connect to us and get the best mortgage services in Massachusetts soon!
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