First-Time Homebuyer Tips and Insights.
Buying a home is a major step for many and it takes a lot of steps to accomplish. It can be an overwhelming process, especially for a first-time home buyer. From touring endless houses to discussing financing to making the first payment, there’s a lot that has to happen before moving day. To make the process a little easier, we have some tips and insights for you to consider when buying a home.
Figure Out What You Can Afford
When you take out a mortgage, the monthly will be determined by your initial down payment, type of mortgage, and your interest rates. There’s a few calculators online to help with this, including this one from NerdWallet, which can help paint a broad picture of what your finances will look like in your home-buying journey.
Think and Plan Ahead
Buying a home is a long-term investment. As a first-time home buyer, it’s likely the longest-term investment you’ve ever made. You have to consider not just your current needs, but your future and far-future needs, as well. For example, are you considering having children in the future? You’re going to need a home with more rooms. What about pets? A front or backyard will likely be necessary.
You’ll also need to consider furniture, appliances, renovation, and emergency costs. Start saving for these, now, so you’ll be able to afford them when you need them. Try out one of our savings accounts to help you!
Another thing to plan ahead for is homeowners’ insurance. Start looking now so you can keep your options open instead of waiting until the last minute and feeling pressured to take whatever’s available.
Pay Off Debt, Improve Your Credit Score
You’re going to want to pay off as much debt as you can before buying a home and improve your credit score since these will heavily determine whether you get approved for a mortgage loan, and if you can even afford it. Paying off your debt will also improve your credit score, which works out nicely.
Attend Open Houses, and then Attend Some More
Get yourself prepared for the sheer number of open houses you’re going to attend and then get ready for even more. It’s smart to attend open houses within your desired neighborhood and area even if they’re for houses you don’t want. This will give you a better feel for the area and what the houses are like. Additionally, come to these open houses with pre-prepared questions like utility costs, prior issues with the house, prior renovations and updates, and the history of the home. The more questions you ask and the more houses you tour, the less surprises will come your way once you’ve moved in.
Consider the John Marshall Bank Home Pursuit Mortgage Program
The Home Pursuit Mortgage Program has a simple purpose: to make home ownership affordable for those who qualify. The full list of qualifications can be found on our dedicated Home Pursuit page, but here are some big ones:
- Maximum property value of $800,000
- Maximum combined loan amounts up to $725,000
- Total borrow income of $115,537
- Available for owner-occupied primary residence only
If you meet the requirements, you can take advantage of the Home Pursuit Mortgage Program’s lower rates, lower down-payments, and support from our dedicated team, who are easy to reach and available throughout the lifetime of your Home Pursuit mortgage. We want to see you live your dream of buying your first home, and that’s why we offer the Home Pursuit Mortgage Program.
