Getting started and what you can afford
Buying a new home can be stressful, whether it’s your first home or you purchased a house before. You want to make sure you choose a great house that will fit the needs of you and your family, but not spend more than you can reasonably afford. What other mortgage and financing factors should you know about before deciding on a house to buy or build?
Get pre-qualified before you look
Don’t fall in love with a house you can’t afford. Talk to a loan officer before you start looking for a home and get pre-qualified; that way you’ll know your price range before finding that perfect home or floorplan. A loan officer can give you an approval letter that will show agents that you are a serious buyer, and speed up your loan processing time.
How much can I qualify for?
I’d much rather have someone as me the question in this way, “I can afford to pay $2000 per month ….. How much house can you get me and keep my payment at that level?” It is best to start with what your budget supports for Monthly payment and then work backward to determine how much house that payment can get you. This is where the Great loan officer separates themselves from the average loan officer. I will employ every trick and technique to make that $2000 per month get you the MOST HOUSE POSSIBLE, Rather than pushing the monthly payment as high as you can possible afford. This way you don’t’ overextend yourself and find yourself scraping by each month to make your mortgage payment.
What can you expect from the home process?
We no longer live in a world where you walk into your hometown bank and shake the bankers hand and get a loan and that whole stated income thing didn’t go so well for everyone in 2008. So there is a little bit of work to do. BUT the reason Why First Colony is the preferred lender for FieldStone Homes and many other builders and Realtors is that we have Made this process incredibly easy. I regularly have clients tell me things like “Wow, that wasn’t as bad as I thought it would be” or “That was fast, I expected it to take longer and be harder than that.”
Apply online and work with a professional
Starting an online application is simple and quick. Go to www.firstcolonymortgage.com to get started. It will ask you some simple questions and may have you upload a few documents to help us get a feel for your financial situation. Once you’ve started your application, you will be contacted by one of our awesome loan officers to assess your specific situation, give you customized options, complete your pre-approval and walk you through the rest of the process.
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