Home Purchase Mortgage
It may be your first home, your last home, or your dream home - either way purchasing a home is one of the biggest financial decisions of your life. Choosing the right mortgage product for you will help ensure your financial future and allow you to reach your goals. It can be a complex and overwhelming process however with the right guidance and support team, it can also be an exciting and rewarding experience. However, there are a few things you may want to keep in mind that will make your home buying and mortgage process as smooth and stress free as possible.
Pre-approval
Before you even start looking at homes, make sure you get pre-approved for your mortgage so you have a better understanding of your affordability and the price range of homes you should be looking at. Then once you find your dream home, you can put an offer in with confidence, knowing that your financing is pre approved! This will make for a much smoother home purchase experience.
Know your budget
While it can be tempting to stretch your budget to get your dream home, it's important to be realistic about what you can afford. Keep in mind that there are other costs involved in owning a home, such as property taxes, insurance, and maintenance. It's always better to be conservative with your budget to avoid getting in over your head.
Be prepared for closing costs
In addition to the down payment, there are also closing costs associated with purchasing a home. These can include things like appraisal fees, title insurance, and legal fees. Our team at Jewels Ferris Mortgages will help you understand the costs involved in the home-buying process in advance and ensure you are fully prepared.
Avoid making major financial changes
if you are planning to buy a home or get pre-approved for a mortgage, it's important to avoid making any major financial changes, such as buying a new car or taking out a new loan. This can drastically affect your credit score and debt-to-income ratio, which could impact your ability to secure a mortgage.
Don't forget about the home inspection
While it's important to find the right mortgage, it's equally important to find the right home. Don't skimp on the home inspection – this can help identify any potential issues with the home before you make a purchase. We can help you find a reputable home inspector and guide you through the process.
Purchasing a home can be an exciting and rewarding or stressful and overwhelming, it will ultimately depend on who you have on your team, their experience and the guidance they can provide you.
Our experienced professionals at Jewels Ferris Mortgages help navigate hundreds of clients each year through the home purchase process and will find you the best mortgage options for your needs, while ensuring you experience an exceptional level of service.