Kathryn Jean Keller

NMLS# 57801 • Mortgage Loans

  • Home
  • About
    • About Me
    • Privacy Policy
    • Fair Lending Statement
  • Blog
  • Testimonials
  • Resources
    • First Time Home Seller Tips
    • First Time Home Buyer Tips
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Home Appraisal
    • Home Inspection
    • Credit Score: Information & Tips
    • Mortgage Glossary
    • Mortgage FAQ
  • Contact
  • Apply

May 11, 2021 by Kathryn Jean Keller

How to Become a Homeowner: First Time Home Buyer Guide

How to Become a Homeowner: First Time Home Buyer GuideBecoming a homeowner for the first time is exciting. However, for many potential buyers, the process can also be confusing. Below is an overview of the steps you need to complete in order to buy your first home. 

Work Out The Finances

The first step in buying a home is deciding on a price range. This price range will be determined by your income, as well as your own comfort level with home prices and monthly payments. Consider all of these factors to determine the maximum amount you are willing to spend on your new home. 

In most cases, you will be required to pay the downpayment and closing costs upfront, even if you are financing the rest of the home’s purchase price. In general, most lenders will expect a downpayment equal to 20 percent of the home’s purchase price. Otherwise, you may be required to pay mortgage insurance. Before buying a home, set enough money aside to cover these expenses. 

For most homeowners, the next step in the home buying process involves looking into different mortgage options. Unless you have enough money to purchase your home for cash, you will need a mortgage. Be sure to compare quotes from different lenders before making a choice to be sure you are getting the best deal. Once you have chosen a lender and a specific type of mortgage, ask for a preapproval letter that you can attach to any offers you make so that you will be a more reliable and attractive buyer. 

Hire An Agent 

When searching for the perfect first home, hiring a real estate agent to represent you throughout the process is highly recommended. Your real estate agent will act as a buyer’s agent, which means they will have your best interests at heart. When you don’t have a buyer’s agent, you will be dealing only with the seller’s real estate agent instead. Because this individual has been hired to represent the seller, they will always put the seller’s needs above yours. 

Find The Right Home

Once you have a qualified agent to represent you and a preapproval letter from your lender, it is time to start looking for your new home! Your real estate agent will help you comb through listings and choose the properties you want to see. Next, you will walk through each home until you find the one that is right for you. After you have chosen a home, your real estate agent will help you prepare and submit an offer to the seller. 

The process of buying your first home may seem overwhelming at first. However, by following these steps, you can simplify the process and become a homeowner with ease. 

 

Filed Under: Mortgage Tagged With: Finance, First Time Buyers, Mortgage

RPM Mortgage
Kathryn Jean Keller

Contact Kathryn Jean Keller

Office: 206-957-9490
Mobile: 206-999-4584
kkeller@rpm-mtg.com

MLO #57801
  APPLY WITH KATHRYN

Connect with Me!

Get A Free Rate Quote!

  • This field is for validation purposes and should be left unchanged.

Recent Posts

  • 5 Things To Know About Severe Weather And Homeowners Insurance
  • Best Things To Do Now To Get Your Finances Mortgage Ready
  • Looking to Pay Back Your Mortgage Faster? Three Reasons to Consider Switching to Bi-weekly Payments
  • What’s Ahead For Mortgage Rates This Week – September 18, 2023
LendUS, LLC - NMLS #1938 l WA #CL-1938 l Equal Housing Opportunity

nmlsconsumeraccess.org
State Licensing — Click Here

Equal Housing

Our Location


1700 Westlake Ave N, Suite 300
Seattle, WA 98109
Business: 206-957-9490

Copyright © 2023 · Generate Pro on Genesis Framework · WordPress · Log in