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Being a first-time homebuyer is exciting and can also be a bit daunting. There’s so much information to process before you can even start looking at houses. To help you out, we’ve put together a beginner’s guide to buying a home.
Before you even start talking to a mortgage company or a realtor, the most important thing to do is get your credit score in order, and that includes paying down your debt. If your credit score is too low, you won’t qualify for any type of loan. The better your score, the better your chance of getting a low interest rate and a loan that works for you.
Unlike in years past, down payment requirements are much more concrete. You should plan to have 20% of the purchase price for a down payment. While it seems like a lot, it’s beneficial in the long run to help bring down the mortgage payments and help keep you from going underwater on your loan.
Do you need a fixed-rate mortgage? Do you qualify for an FHA loan? What about an adjustable-rate mortgage? Understanding your options will help you make the best decisions on the loan that’s right for you.
When it comes to buying your first house, the best course of action is to get a reliable mortgage team on your side. They can help walk you through the process, understand the numbers, and clarify your loan options. The team at Midland Mortgage Corporation has the expertise you need as a first-time homebuyer. Contact us today to learn more about how we can help.