First Time Home Buyers
Who Are First Time Home Buyers?
For first-time homebuyers who are not familiar with the mortgage process, our dedicated network of mortgage brokers can guide you towards a successful home ownership journey. One important first step in the process is pre-approval, which is when a mortgage agent helps you with your mortgage application and researches the market to determine which lender can offer you the best interest rates and how much you qualify for. Our experienced team can secure an official pre-approval for you within hours. Additionally, our strong relationships with lenders allow us to lock in your interest rate at its lowest point for up to 120 days, protecting you from potential rate increases.
Finding A Property And Submitting Offer For Purchase:
A mortgage pre-approval can be a valuable tool for homebuyers who want to get a sense of the purchase range and interest rate they may qualify for. Unlike a full mortgage approval, there are no commitments involved with a pre-approval, and it can be obtained quickly, often within hours. Once you find a home you want to purchase, you will need to submit an Offer to Purchase, usually with a condition of financing for up to 5 days. With the offer accepted, you can then obtain a full mortgage approval, typically within 24-48 hours. It is important to conduct a property inspection to ensure the property is in good condition and meets your expectations before finalizing the purchase.
Appraisal And Down Payment First Time Home Buyer
Property appraisals may not be required for all types of mortgages, but they can still be a valuable tool for buyers. Traditional mortgages typically require a 20% down payment, but if you don’t have that much saved up, you can still buy a home by purchasing mortgage insurance. This insurance protects the lender from higher risk loans and allows first-time homebuyers to put down as little as 5%, provided they meet certain qualifications. Regardless of the type of mortgage you choose, it is important to work with a lawyer who can represent you in the home buying process. Your lawyer will receive and pay out the borrowed funds, close your mortgage on the designated date, and inform you of your legal responsibilities and closing costs.
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