Buying your first home can be a fun and exciting experience. But finding the right home is just one step in the process. Choosing the right home loan can be just as important. There are dozens of loan types and hundreds of loan program available through mortgage brokers, bankers, finance companies, credit unions and even stock brokerage firms.
The first item for getting a new home loan is to educate yourself about home loan programs. Mortgage information sources range from websites to newspaper articles, mortgage books to consumer seminars. Often financial planners, real estate agents and mortgage brokers are available to help.
Once you’ve learned a bit about the system, here are some additional tips for getting a home loan:
- Start by saving for a down payment – your required down payment will range from three percent to 20 percent of the purchase price so establish a monthly budget to put away enough for your down payment.
- Check your credit score – having a good credit score puts you in position to attract the best deal on your home loan so obtain a copy of your credit report before starting the home buying process.
- Get your financial documents in order – have your last two pay stubs, your most recent W-2, your last two years of tax returns and current bank and brokerage statements.
- Track interest rates – they change almost every day and it’s important to know which way they are heading.
- Get pre-qualified – you can get pre-qualified by providing basic information on income, savings and investments, which will provide a better idea of how much you can borrow and the price range of homes you can afford.
- Choose the best loan option – a fixed-rate loan and lower initial payments with an adjustable loan rate are two options; make sure you understand the type of loan that best suits your needs.
Once you’ve secured a home loan you’ll be in a position to buy. If you’d like to buy a new home, By Carrier is Connecticut’s premier custom home builder with communities in Farmington, East Lyme, Cheshire and other towns across the state that maintain the highest building quality and energy efficient standards.
By Carrier homes are Energy Star certified, built on a concrete foundation reinforced with steel and come with five year warranties on structural defects, roof leaks and water in the basement.
Check out By Carrier homes for the beautiful communities with natural splendor close to excellent schools and shopping. You can have a customized home built with many options, including high ceilings, beautiful wood floors, porches and decks.
Contact By Carrier to learn more about new homes in attractive communities available for immediate occupancy.
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