Are you thinking of purchasing your first home in the near future? Congratulations! Buying a home can be exciting and overwhelming, but we are here to guide you every step of the way. Here is helpful information for first time home buyers, and be sure to download our comprehensive Guide to the Mortgage Process.

How to Know What You Can Afford-Use our mortgage calculator USA to get a sense of what you can afford.

Getting Pre-Approved is the process of determining how much money you will be eligible to borrow before you apply for a loan. You should obtain a pre-approval letter before beginning your home search in order to determine your mortgage qualification and address any credit issues before you find your dream home.

Saving for a Down Payment-A down payment is a percentage of the total cost of the home you are purchasing that is paid to the seller, with the balance paid through your mortgage. Fairway offers many flexible down payment options to fit our client’s unique needs.

Credit Check-Your credit is one of the most important factors in determining your qualification for a mortgage. Here are some tips for building good credit. Be sure to resolve any disputes you find before applying for a home loan. Visit our Credit page for more info.

Put Together your Winning Team-Your team will consist of your lender, an attorney, a real estate agent, and an insurance agent. Others involved in the transaction will include the home inspector, home appraiser, and the listing agent.

What Goes into a Mortgage Payment (PITI)

Principal: The amount of your monthly payment allocated to the loan balance.
Interest: The portion of monthly payment allocated to what the lender charges for loaning the money.
Taxes: The property tax is typically escrowed and paid out as part of your monthly loan payment.
Insurance: Homeowners insurance is included in your monthly mortgage payment, as well.

Learn more here about First Time Home Buyers Guide, and be sure to give us a call if you have questions or are ready to get pre-approved-

Ref. Source: https://www.fairway-newengland.com/blogs/preparing-to-buy-your-first-home

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