If you're thinking about buying your first home, congratulations! This is a huge milestone in your life, and one that comes with a lot of excitement (and maybe a little bit of anxiety, too).
At First Alliance Home Mortgage, we want to help make the process as smooth and stress-free as possible. We'll be with you every step of the way, answering your questions and guiding you through the process.
The first thing you need to do is get pre-approved for a mortgage. This will give you an idea of how much money you'll be able to borrow and will also show sellers that you're serious about
Buying A Home
Down payment:
The amount of money you'll need for a down payment depends on the type of mortgage you get. For conventional loans, you'll typically need to put down 20% of the purchase price. For government-backed loans like FHA or VA loans, you may be able to put down as little as 3.5%.
Closing costs:
In addition to your down payment, you'll also need to pay closing costs when you buy a home. These are typically 2-5% of the purchase price and can include things like lender fees, appraisal fees, and title insurance.
Before you get started, there are a few things you should know. Here's some important information for first time home buyers. There are many different types of home loans available, and the right one for you will depend on your unique situation.
Home Loan mortgage options
- fixed-rate mortgages,
- adjustable-rate mortgages
- FHA
- Veterans Affairs (VA) loans.
- Jumbo Loan
Once you've found a home you want to purchase, your real estate agent will help you write up an offer. If the seller accepts your offer, you'll then enter into escrow.
Escrow:
Escrow is the period of time between when your offer is accepted and when the sale is finalized. During this time, there will be a number of inspections conducted on the property to make sure it's in good condition.
Home inspection:
Before you finalize your purchase, it's a good idea to have a professional home inspector take a look at the property. This will help you identify any potential problems that could end up costing you money down the road.
Once everything has been inspected and approved, it's time to close on the sale. This is when the final paperwork is signed and the property officially becomes yours!
Now that you know a little bit more about the process, you're ready to start your journey to homeownership!
First Alliance Home Mortgage is here to help you every step of the way. Give us a call or visit our website to get started today.