Purchasing your first home is an exciting time! Making the transition from renting to owning can feel overwhelming but you will be happy to know that it is your space that you own. With so much to learn, it is beneficial to have Denver realtors on your side to walk you through the process. They will help you every step of the way through all the ins and outs of purchasing a home. Learn how you will get started with the home buying process, what to expect along the way, and an overall housing market as you get ready to take your next step.
Getting Started and FHA Loans
After you get a realtor that will help you buy your first home, you will need to get pre-approved for a mortgage. During this process, a lender will assess all of your financials, from your credit to your monthly bills and income to see how much they feel you can pay for. In some cases, they may offer more than your budget—so it is important to stick with your budget. When it comes to a mortgage, as a first-time home buyer, you can qualify for an FHA loan. These are provided by the Federal Housing Administration. There is typically more flexibility with FHA loans and allow prospective buyers to have a smaller down payment that can be as low as 3.5 percent. There are other options as well which you can learn about in Bankrate’s nine grants and programs to help you buy your first home
What to Expect
When you kick off the process to buy your first home, you will have to prepare a lot of information for your lender to assess your situation. This includes the basics such as paystubs and bank statements, but can also include other types information such as W2s, retirement or student loan information and much more. Your prospective lender will send you a list of everything you need. In today’s society, it is convenient to send everything online. Use caution with doing this as you have very personal information that you will be sending to them. Consider sharing the documents through a DropBox or Google Drive account. Once you start your home search, make sure you fully inspect spaces and take into considerations anything that you may have to address down the road.
Housing Market Outlook
Over the last few years, there has been an influx in people moving to the area. Thankfully, good news for homebuyers is that this is easing. When you are looking for a new home, first you should make a list of your short term and long-term needs. From here, review the list to see where you can compromise. This way, if areas you are interested in have a loser inventory, you know what wiggle room you feel comfortable with.
During the process of buying your first home, you can count on the Giving Back Group to help as your premier realtor. Together, we can make a difference as we will donate 20 percent of our commission to the charity of your choice. Learn the three things to consider from your Westminster real estate agent when buying your first home
and call us at 303-881-4881 to get started.