First Time Home Buyers
Are you ready to buy your first home?
If you’re thinking about purchasing your first home, remember it’s a big decision and several things should be taken into consideration. Here are a few tips to get you started:
Check out interest rates
What are the current mortgage interest rates for 15 and 30 year fixed rate mortgages, and adjustable rate mortgages? Check out our most up-to-date mortgage rates here.
Study a variety of mortgage choices
Choosing the perfect home among the many houses available is hard enough, then you need to make a choice from the multitude of mortgages that are offered in today’s market. Some may fit perfectly into your situation, while others may be unwise or unattainable. What are your future plans? This will help you determine which type of loan is best for you. You would benefit most from a long term fixed rate if you are planning to live in the house for several years. If you expect your income to increase rapidly over the next couple of years or if you are planning on moving in the near future you might benefit with a lower, short term rate?
How much house can you afford?
Your buying power ultimately depends upon two things: how much you have available for the down payment and closing costs and how much a financial institution will lend to you. First Flight offers as little as 3% down. However, there are options available such as VA and FHA loans that can significantly reduce or eliminate this requirement.
Get pre-approved for a loan before you start house hunting. This will help to speed the closing time.
Look for an established neighborhood where houses sell well in any market, in the event that you would need to resell. Check for quality public schools, whether or not you have school aged children. Drive both the morning and afternoon commute to work, school, and shopping.
Separate needs from wants
Determine both your wants and needs in a new home and prioritize your list. How many bedrooms and baths will you need? How important are schools? Will you need an additional room for a home office? How important is lot size, privacy, community facilities?
You can probably answer a couple of these questions on your own, but you may need assistance with the others. If so, First Flight is here to help! We offer a wide variety of mortgage options that make financing your first home a breeze. From 10, 15, 20, 30 year traditional mortgages, FHA and VA, and adjustable rate mortgages, the choice is yours! Our in-house servicing includes personalized attention to your mortgage questions, escrow accounts, and online amortization schedules. You can even pay your mortgage online! Get started today apply online or contact one of our mortgage specialist today!