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Are you ready to buy your first home? There are some tips to follow before hitting Zillow and finding a realtor to start looking at houses. Here are three of them.
Tip #1: Know Your Budget
Most mortgages are 30-year loans, which means you’re going to pay on them monthly for a long time. So even if you move before paying off the mortgage, it’s still a huge commitment, and it’s critical that you know how much you can reasonably and realistically afford.
Tip #2: Know Your Wants and Needs
Knowing the type of home you want is critical in the process. Everyone has their dream house, but it’s a bit unattainable most of the time. Being realistic about your priorities will help you stay on track and will help you find the right house for you and your family for now. One of the best ways is to make lists of your nice to haves and your must-haves. Of course, there are always non-negotiables, but there are also things that can fall off your list if you find a home that checks most if not all of the boxes on the must-have list.
Tip #3: Know Your Loan Options
There’s more than one type of mortgage loan, and there’s likely one that is just right for your financial and personal circumstances. Purchase loans include first-time homebuyer, government, conventional, jumbo, and interest-only loans. The types and what they include can be confusing, especially when first learning about them. That’s where a mortgage loan professional comes in. They can help you understand each type of loan and which would best suit your needs.
When you’re ready to buy your first home, your first stop should be Midland Mortgage Corporation. Contact us today to get started.