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Home / Blog / Buying a Home / 5 Tips for First-Time Homebuyers

5 Tips for First-Time Homebuyers

October 22, 2014 By Mary Catchur

House Key
Photo Credit: Scott Maxwell/Flickr/CC.

Buying your first home can be hectic, especially since you don’t know what to expect. So, we’ve prepared 5 tips that are good for all homebuyers to keep in mind, but we hope they are very valuable to first-time homebuyers.

#1 A Mortgage Loan Originator Will Walk You Through

A mortgage loan originator will help you with all the details and walk you though the process of getting a home mortgage.

First, the loan originator will pre-qualify you for a mortgage, which you will need when working with a real estate agent to looking for a home. Then the originator will help you with everything you need to do to get the mortgage, including processing the application.

Best of all, it typically doesn’t cost any more to use a mortgage loan originator or mortgage broker compared to a retail lender.

#2 Maintain A Clean Credit History

If you are thinking about buying a home, be sure to make all your payments on time and not overextend yourself with credit.

It’s very important that your credit score is as high as possible to qualify for a mortgage and get the best possible mortgage rate.

If you are interested in learning more about credit reports and credit scores, you may be interested in:

  • 4 Tips to Raise Your FICO Score to Qualify for a Mortgage and Secure a Better Mortgage Rate
  • Missing 1 Mortgage Payment Affects Your Credit Score. Here’s What You Can Do.
  • Your Credit Score Affects How Much You’ll Pay for a Mortgage
  • Want a better credit score? Here are 5 easy steps.
  • Getting Your Credit Report

#3 Gather All The Information And Paperwork

Your mortgage broker will review your finances with you, and let you know everything you will need to apply for a mortgage.

See our Loan Application Checklist for a list of things you typically need to apply for a mortgage. And here is a list of 5 Ways to Make the Home Loan Process Go Faster.

#4 Don’t Lie On Your Application

A mortgage broker works for you, not for a single lending institution with mortgage products offered only by their company. Mortgage brokers scour hundreds of lending sources to find the best possible mortgage product for you.

So be honest with all the information you give your mortgage loan originator, and everything you put on the mortgage application.

Knowing all the applicable details of your financial situation, your mortgage broker can work to match you with the best mortgage product with the best interest rate.

#5 Save For A Healthy Down Payment

You don’t necessarily need a 20% down payment to get a mortgage. As a matter of fact, there are zero down mortgages available.

But generally speaking, your mortgage rate will be lower if your down payment is higher.

Here is some important information about mortgage down payments:

  • 5 Tips to Save Money for a Mortgage Down Payment
  • Is it Acceptable to Borrow Funds for the Down Payment on a Home?
  • You Don’t Need a 20% Down Payment for a Home Mortgage
  • Mortgages with a Low Down Payment
  • Buying a Home? Where will the funds for the down payment come from?
  • Zero Down-Payment Home Mortgages
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Filed Under: Buying a Home Tagged With: First-Time Homebuyers

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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