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first time home buyer tips from mortgage pros

First Time Homebuyer Tips from 7 Top Mortgage Professionals

by Benchmark

Purchasing your first home will be one of the most exciting times of your life. It will most likely be the largest investment that you ever make. It is where you will entertain friends and family, and it is where you will go to rest and relax each evening. With so much at stake, it is easy to see why most people are nervous throughout the process.

While purchasing a home can be a little nerve wracking, it is also worth the trouble. In an effort to reduce the stress associated with purchasing your first home, we have gathered top advice from seven leading mortgage professionals.

Top Tips For First-Time Home Buyers

1. Scott Schubert (NMLS #523812):

“It is advisable that as soon as you decide to purchase a home you meet with a mortgage professional to create a game plan. It can be one year or one month out from the actual purchase time, but it is still important. A lot of times potential buyers have one financial plan in order, such as paying down debt, when they really need to be saving for a down payment. Working with a mortgage professional first will help them to discover the best way to get approved for a loan.”

2.Wade Byers (NMLS #197143):

“You need to make a realistic budget before looking for a home. Decide what you are comfortable with paying each month on a loan and stick to your budget. In reality, I can most likely get you qualified for a higher loan amount, allowing you to purchase a larger home. However, this is not necessarily in your best interest. Stick to a budget and I will work with you to discover what price range of home will meet these guidelines.”

3. Scott Wallace Layden (NMLS #164302):

“Make sure that you use professional and trustworthy realtor to protect your interests during the entire sale process. This same thought process should be applied to your mortgage professional as well.”

4. Melody Kennedy (NMLS #448262):

“Always work with a realtor and mortgage professional that will explain everything to you in great detail. First-time home buyers are often unfamiliar with specific terms and processes and this can lead to disappointment and confusion.”

5. Valerie Barnett Springer (NMLS #198479):

“Talk to your mortgage professional about interest rates and what makes them change. If they cannot give you a logical answer, move on to another mortgage professional. You cannot expect this person to provide you with the best interest rates if they do not understand how they work.”

6. Chris Young (NMLS #111276):

“Most first-time home buyers were previous renters. They are unaware of tax deductions that are offered to home owners. There are many ways that home ownership can reduce your tax burden. By using the tax calculators on the IRS website to determine your tax burden, you can adjust your withholding tax to allow you to bring home more money each week to offset new home expenses while not having to worry about paying extra at the end of the year.”

7. Stacey Jordan (NMLS #23542):

“Your credit, income, assets and employment history is very critical to the approval process for a mortgage. However, communication with your mortgage professional is also very important. By working openly with your mortgage professional, you will ensure that you find the loan that fits your needs.”

These tips should help when considering to purchase your first home. If you need more help and would like to get started, contact us today.

first time home buyer tips from mortgage pros

Don’t Miss This “I Wish I Had” Moment

by bmadmin

When I was a kid every once and a while I would hear a grown up say “I wish I had….” It might have been buy that Microsoft stock when my friend told me about it or that piece of land that looked like a dump and was dirt cheap but now has a booming shopping center on it.

Now that I’m an adult I’ve even had a few “I wish I had” thoughts.

Today in America we are living in one of those “I wish I had” moments when it comes to real estate. Over the last few years, real estate markets all over the US have had a tough time. The slow economy has caused millions of homes to be foreclosed upon and property values have suffered nationwide.

While this is obviously not a good thing, it has created a golden opportunity or an “I wish I had” moment.

Everybody likes a good deal. Everyone likes to buy things when they are on sale.

In the US today homes are on sale!

According to data from the United States Census Bureau, the average home’s sales price fell from $329,400 in August of 2007 to $242,300 in October of 2011. This is a decline of over 26% in just 50 months.

When was the last time you that you thought 26% off of anything wasn’t a good deal? But it gets even better!

According to Freddie Mac the average mortgage interest rate on 30 year fixed rate loan fell to the lowest level it has been since they began tracking it in 1971. This means not only are you getting a house that is on sale, you are borrowing the money to buy that house as cheap as it has ever been available.

This is an opportunity that won’t last much longer as home values are starting to recover. According to the National Association of Realtors home sales continue to improve.

The real estate market has hit the bottom and is heading back up.

If you do not currently own your own home or been thinking about upgrading your current one now is the time to do it.

If you don’t you may look back ten years from now and say “I wish I had…”

Brad Hacker is a Certified Mortgage Planner for Benchmark Mortgage in Lexington KY. His primary focus is helping people achieve the dream of homeownership and assisting them on the road to financial freedom. Brad specializes in helping his Lexington mortgage clients integrate their home into their long and short term financial goals.