First-Time Homebuyers
Edge mortgage, inc.
Your trusted choice for first-time homebuyers
Buying your first home is an exciting milestone, but understanding the process and knowing where to start can feel overwhelming at times. At Edge Mortgage, Inc., we understand how big this step is and we’re here to make the process as simple and stress-free as possible. Whether you’re just starting to explore your options or you’re ready to dive in, we’ll guide you every step of the way. Our goal is to help first-time home buyers feel confident and informed as they navigate their journey to homeownership. Let’s turn your dream of owning a home into a reality—together.
Step-by-Step Guide for First-Time Buyers
Navigating the home-buying process can feel like a lot, especially if it’s your first time. That’s why we’ve broken it down into simple steps to help you stay on track:
- Create Your Plan: Below are the questions we like to ask to get started.
- When do you want to purchase?
- What is the price of the homes that you’ve seen that you like?
- How much are you planning on putting down?
- How much are you comfortable with for a monthly payment?
- Get Pre-Approved: Getting pre-approved with Edge Mortgage, Inc. shows sellers you’re a serious buyer and gives you a clear idea of your price range.
- Find the Right Home: Work with your real estate agent to create a wish list of must-haves, deal-breakers, and dream features.
- Submit an Offer and Negotiate: Once you’ve found the perfect home, your agent will help you craft a competitive offer to submit to the seller. There may be some negotiation during this time.
- Submitting Your Loan: Once your offer is accepted, we submit the loan to the lender for the initial approval.
- Home Inspection and Appraisal: Ensure your new home is in great condition and priced fairly.
- Homeowner’s Insurance: Select a policy with ample coverage to protect you in case of damage, loss or injury.
- Clear to Close: Once the lender has reviewed all of the documents requested during the initial approval, they will sign off and your loan will be clear to close. We will then work with the title company to get final figures
- Final Walkthrough: You will walk through the house one final time to make sure there are no issues.
- Close on Your Loan: This is the final step where all the paperwork is signed and you officially become a homeowner!
10 Tips For A Successful Home Loan Process
Securing a home loan is a major milestone and small decisions during the process can have a big impact. To set yourself up for success, it’s important to understand which actions to take and which to avoid while your loan is in progress. From managing your finances to maintaining open communication with your loan officer, these practical dos and don’ts will help ensure your path to homeownership is as smooth as possible. Use this guide to stay on track and avoid unnecessary hiccups along the way.
DO
- Keep your bank accounts in a positive balance.
- Continue to pay all debts on time.
- Speak to your Mortgage Loan Originator before paying disputed bills that have gone to collection agencies.
- Keep all financial documents accessible. Have your pay stubs, tax returns, identification, and bank statements ready.
- Communicate any job, income, or financial changes Immediately.
- Follow up on required documents promptly.
- Keep your credit in check. Monitor your credit score and avoid any actions that could negatively affect it, like missing payments on existing debts.
- Budget for closing costs and unexpected expenses
- Ensure you have funds set aside for closing costs and any last-minute financial needs related to the purchase.
DON’T
- Don’t leave your current job.
- Don’t make unnecessary checking or savings account transactions, such as withdrawals or deposits.
- Don’t transfer balances from one account to another
- Don’t apply for new credit (even if you seem pre-approved), open a new credit card, take a cash advance on a credit card or close any credit cards.
- Don’t co-sign on any debt with a family member or anyone else.
- Don’t have friends or family members pay for anything related to the purchase of a home. Gifts are only allowed under certain guidelines which we can clarify if needed.
- If you are a landlord, don’t ask your tenant to move. If you are a renter, don’t notify your landlord that you are moving out.
Why Choose Edge Mortgage, Inc. for Your First Home?
At Edge Mortgage, Inc., we understand that buying your first home is a big step, and we’re here to make the process easier and more enjoyable. Here’s why first-time buyers trust us:
- Personalized Service: We take the time to get to know you and your unique financial situation. No cookie-cutter solutions here—we’ll tailor a mortgage plan that fits your needs and goals.
- Expert Guidance: With years of experience working with first-time buyers, we know how to simplify the process and answer your questions, so you feel informed every step of the way.
- Local Expertise: As your trusted mortgage broker in Colorado, Nebraska, Ohio, and Wyoming, we have a deep understanding of the housing markets in your area and can offer insights you won’t get from a national lender.
- Wide Range of Loan Options: We work with multiple lenders to find the best loan programs for first-time buyers, including FHA loans, USDA loans, and more. We’ll help you explore options that match your budget and lifestyle.
- Clear Communication: From pre-approval to closing, we’re here to guide you with straightforward, honest advice. You’ll always know what to expect and never feel left in the dark.
First-Time Home Buyer Loan Programs
As a first-time buyer, you have access to loan programs designed to make homeownership more affordable and achievable. At Edge Mortgage, Inc., we’ll help you explore options like:
Easier to Qualify
These loans have a lower down payment requirement and allow for a higher debt to income limit than a conventional loan. They are typically better for people with lower credit scores and higher amounts of debt.
Rural Buyers
Perfect for buyers in rural and suburban areas. These loans often require no down payment.
Veterans / Active Duty Military
Giving our veteran and active duty borrowers a loan they deserve. If you’re a veteran or active duty, you may qualify for this zero-down loan option with competitive terms.
Most common
Many lenders offer conventional loans with low down payment options for qualified buyers. With a conventional loan you don’t need mortgage insurance if you have 20% or more equity in your home.
Each program has its benefits and we’ll work with you to find the one that best fits your financial goals and lifestyle. At Edge Mortgage, Inc., we’re here to simplify the first-time home buyer process and help you make informed decisions about your loan options.
Are you ready to buy your first home?
We can get you approved quickly.
With Edge Mortgage, Inc. by your side, each step of your home buying journey is straightforward and stress-free. We’re here to guide you through every part of the process so you can focus on the excitement of finding your first home.