First Time Home Buyer Process 

 

Buying a new home can be overwhelming. As you start your journey into a new world of terms, acronyms, numbers and even home architecture, you have to become an expert quickly! Let us help you make this process more fun and less stressful – here are some tips for new homeowners.  Please leverage our 18 years of experience!

  1. As you start the pre-approval process it is important to get at least three estimates, we recommend getting quotes from the financial institution you bank at, a friend or business partner’s referral, and us!
    Be sure to compare these based upon the rate and the costs, this is not about who has the best sales pitch, this is your finances and your future.  This is typically a 30 year commitment!
  1. There are several first time home buyer programs available:
  • 3% -5% down payment conventional financing
  • 0% down USDA loans
  • 0% down VA loans
  • 5% down FHA loans

Like to explore these packages further?  Click here to see our loan types and click here to see the loan rates.

Even better, you can use our monthly payment calculator to get an idea what you’ll be paying each month.

  1. Once you have your pre-approval in hand, it is time to start identifying a realtor. Many people just call the realtor who is listing a home, we recommend you find a realtor with experience who:
  • Will advocate for you
  • Knows the area you’re buying in
  • Knows the school districts for your home
  • Has knowledge of home structures
  • Can identify the required inspections for the home
  • Is a good fit for you!

We recommend that you interview at least three realtors, asking them about their experience, number of sales, and area of expertise. Also be sure to ask about the area you are considering. We also partner with realtors that we can recommend as well.

  1. Now that you have identified a realtor it is time to start looking at homes! This is where your realtor’s expertise kicks in! After selecting a home, place an offer.

5. Your offer is accepted! Send your loan originator a copy of your contract and start the loan process. See the link here for information on this process and congratulations on your new home!

If you ever have any questions (and there is no such thing as a dumb one!), please feel free to call us at 855-258-LEND (5363) or and of our experienced loan originators will be there to assist you, or you can email: sas@trianglelendinggroup.com