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5 Rules for First-Time Home Buyers

5 Rules for First-Time Home Buyers

If you are in the market to purchase your first home, first of all, congratulations! This is a big step and you want to make sure you learn as much as possible about what to expect from the home buying process. Our qualified consultants at Midland Mortgage can help you every step of the way with the purchase of your first home. Here is some advice for first time home buyers that will help to make the process easier.

#5 Rules for the First-Time Home Buyer

  1. Check your Credit -- It is a good idea to know your credit score before applying for a home loan so that you can take care of any negative issues that might affect loan approval.
  2. Know Your Down Payment Options -- You should know exactly how much money you have available as a down payment for your home purchase. Check with a Midland Mortgage consultant to see if you qualify for any special programs that offer options for little or no money down.
  3. Get Pre-Qualified -- You should definitely apply for pre-approval of a home loan before you start looking at houses. This will let sellers know you are serious and let you know exactly how much you can afford so you can shop within your budget.
  4. Know Your Budget -- Knowing what you can afford in a monthly mortgage payment is crucial. Analyze your bills and choose a mortgage payment that fits within your budget.
  5. Get Your Ducks in a Row -- There is a ton of paperwork involved in a home purchase and you should take the time now to organize everything you will need for approval including pay stubs, tax returns, bank statements, etc.

Ready to Get Pre-Qualified for Your First Home?

Contact Midland Mortgage today to take the next step in owning your first home. Our mortgage consultants can help you with everything you need to get pre-qualified and start looking for the home of your dreams! Contact us today!

Posted Jun 07, 2017 by Midland Mortgage Corporation