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Financing Your First Home The thought of buying -- and financing -- your first home can be stressful. The process of finding the perfect house, making an offer, negotiating through the details of the contract, going through the home inspection, coordinating the movers and the utilities and making sure all the other details get taken care of can be a full time job. Taking care of the mortgage financing BEFORE you start looking at houses is one of the simplest ways to reduce the stress involved with purchasing a new house. Taking care of the mortgage financing and being pre-approved for your loan, will allow you to shop with confidence -- knowing that your ability to obtain financing is secure. Taking care of the financing before your start looking at homes, will make sure that you are looking in the right price range as well as allowing you to feel comfortable about the entire mortgage process. As a first time home buyer, it is important to get prequalified to find out how much you can afford and so that you are comfortable with the financing options available to you. The prequalfication process can be done over the phone, or started online, and will involve questions involving your income, assets, credit, employment as well as your monthly payment and downpayment goals. After being prequalified, it is a good idea to start the loan application process for pre-approval. The loan application involves going over your bank statements, pay check stubs and other documentation (items needed for loan application) as well as reviewing the loan application documents and disclosures. You have the option of starting the loan application online, but since this decision is likely to be the largest single investment that you ever make, as a first time home buyer, it is recommended that you schedule a time to meet face-to-face to complete the loan application. Meeting together will allow us to review all of your loan options and it will allow you to ask as many questions as you like.
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