First Time Homebuyers And Their Mortgage: Things To Note
The home buying process can definitely feel overwhelming, especially for first time home buyers like you. From determining your budget, understanding how mortgage loans in New York work, and getting prequalified, to deciding exactly what you’re looking for in a house and finding the perfect one for you, there are many steps to purchasing your first home.
If you’re a first time home buyer in New York feeling like you have lots of questions and need a little bit of guidance, you’re not alone! You won’t even have to worry about mortgage pre-approval in New York as we will hold your hand throughout the entire process.
At Procopio Real Estate, we’re here to help you navigate the home buying process from start to finish. Our team of licensed mortgage professionals take pride in making the process of buying a home easier and less stressful for first time home buyers in New York.
Interested in applying for a mortgage so you can purchase your first home? Continue reading to find out how.
What Is A Mortgage Lender?
A mortgage lender is a financial institution or organization that loans out money for real estate purchases. Lenders have their own specific borrowing guidelines to verify your credit score and ability to pay the loan. These lenders set the terms, interest rate, payment schedule, and other significant aspects of your mortgage.
How To Get Pre-Approved For A Mortgage
Getting a mortgage is a crucial step in buying your first home, and there are several factors for choosing the best one for you and your budget. While the wide-variety of financing options available for first-time homebuyers like you can seem overwhelming, taking the time to research the basics of property financing can save you a significant amount of time and money.
When looking for a house, getting pre-approved for a mortgage can be an essential step to take. Consulting with a lender and obtaining a pre-approval letter provides you with the opportunity to discuss loan options and budgeting with the lender; doing so can serve to simplify your total house-hunting budget and the monthly mortgage payment you can afford.
Before lenders decide to pre-approve you for a mortgage, they will look at the following considerations:
- Your credit history
- Credit score
- Debt-to-income ratio
- Assets and liabilities
- Employment history
When Should You Get A Pre-Approval?
Mortgage pre-approval letters are usually valid for 60 to 90 days. Lenders put an expiration date on them because your credit profile might fluctuate and change significantly. When a pre-approval letter expires, you’ll have to fill out a new mortgage application and submit updated paperwork to get a new one.
If you're just starting to think about buying a home and think you might have some difficulty getting a mortgage, going through the pre-approval process can help you identify credit issues and potentially give you the time to address them.
If you're looking for a home mortgage for the first time, you may find it challenging to go through all the financing options. Take time to decide your budget and then finance accordingly. If you can afford a substantial downpayment, you will definitely have more negotiating power with lenders and the most financing options.
First-time home buyers have access to many grants, loans, and financial help that can make buying a home easier. First-time buying assistance can include help with down payments and closing costs, and tax credits. You might be eligible for assistance from your local, state, or federal government if you meet income standards.
NEED A PRE-APPROVAL? TALK TO US ASAP
Are you a first-time home buyer looking for a loan? Let the team at Procopio get you there! We help our clients in every step of the home-buying process. Get preapproved for a mortgage today by working with us now! Let the team at Procopio Real Estate help you with your mortgage loan application needs. We work with several trusted partners here at Procopio.
If you have a question, want to find out more about the mortgage loan process, or want to get to know our trusted partners, we’d be happy to take your call and answer your questions! Give us a call at 315-928-5394 and we would be happy to assist you with your inquiries.