Have you been dreaming of buying a home? Maybe it’s on your vision board or list of goals for the year and you’re ready to focus on preparing for homeownership. We are so glad you found Edge Mortgage Inc. because we are here to help you make those dreams a reality. We are your guide on the path from dreaming about your own home to holding the keys in your hand. Edge Mortgage Inc. is your top-rated Mortgage Broker and we also serve all of Colorado, Wyoming, Nebraska, and Ohio. We set a high standard in the mortgage industry. We know each client is unique and will help you find the loan to best fits your needs. You will find that the skill, professionalism, and consideration we give to each of our clients makes getting your loan a successful and positive experience.

We’ve helped many first-time homebuyers and we’ve seen firsthand the joy and satisfaction that comes from making informed, strategic moves toward homeownership. That’s why we’ve created a guide to preparing for homeownership. So, let’s dive into the essential steps to prepare you for this exciting journey.

Assessing Your Financial Health

1. Understanding Your Credit Score

Your credit score is like a financial passport; the better it looks, the smoother your journey to homeownership. It’s crucial to know where you stand credit-wise. Check your credit report annually (it’s free!) and correct any errors. Improving your credit score can be as straightforward as paying bills on time and reducing debt. Remember, a higher score can unlock better mortgage rates.

2. Budgeting for Homeownership

Owning a home involves more than just mortgage payments. You’ll need to budget for property taxes, insurance, maintenance, and unexpected repairs. Start by reviewing your income and expenses, and then set realistic savings goals for your down payment and emergency fund. Tools and apps can help track your progress and keep you disciplined.

Understand your mortgage payment

Saving for Your Down Payment

1. Determining Your Down Payment Needs

Different mortgages have different down payment requirements. While 20% down can help you avoid private mortgage insurance (PMI), many programs allow for much less, especially for first-time buyers. Assess your financial situation to decide how much you realistically can and should put down. As your preparing for homeownership, it’s great to call us early in the process so we can give you detailed information about all your downpayment options.

2. Effective Saving Strategies

Saving for a down payment might seem daunting, but it’s doable with a plan. Consider automating your savings, adjusting your budget to cut unnecessary expenses, and exploring side gigs for extra income. Every little bit helps you get closer to your goal.

Getting Pre-approved for a Mortgage

1. The Importance of Pre-approval

A pre-approval letter is your golden ticket in the home-buying process. It tells sellers you’re serious and have the backing to complete the purchase. The pre-approval process will also give you a clear picture of what you can afford, guiding your home search.

2. Preparing for the Pre-approval Process

Gather your financial documents—pay stubs, tax returns, bank statements, and debts—and start shopping around for lenders. As a mortgage broker, I can help you compare rates and terms to find the best fit for your situation.

Understanding the Housing Market

1. Researching Your Desired Location

Whether you’re eyeing the bustling streets of Omaha or the serene landscapes of rural Nebraska, understanding your target market is key. Look into current home prices, property tax rates, and school districts. This knowledge will inform your decisions and help you find a home that meets your needs and budget.

2. Defining Your Homeownership Goals

As you’re preparing for homeownership, think about what you want in a home, both now and in the future. Are you looking for a starter home, or do you hope to grow into this house? Consider factors like size, location, and amenities. Being clear on your goals will streamline your search and help you find the perfect home.

How to calculate debt to income ratio

Assembling Your Home Buying Team

1. Selecting a Real Estate Agent

A good real estate agent is an invaluable ally. Look for someone with a strong track record in your target area and who understands your needs. They can provide insights into the market, negotiate on your behalf, and guide you through the buying process.

2. The Role of Mortgage Brokers vs Big Banks

A mortgage broker like Edge Mortgage Inc. can simplify the home-buying process by finding you the best rates and terms. Unlike big banks, where you might feel like just another file on the desk, working with a mortgage broker like us means getting personalized attention and advice. We dive into a sea of lenders to fish out the best rates and terms that fit just right with your financial situation and dreams. It’s all about finding you a deal that big banks often can’t match, because we’re here to champion your corner, ensuring you feel understood and valued every step of the way. So, when it comes to getting a mortgage, remember: bigger isn’t always better. Personalized service from a dedicated mortgage broker can make your journey to homeownership a smoother and more rewarding experience.

Take the steps forward in preparing for home ownership

Transitioning from dreaming about homeownership to actually owning a home is a rewarding journey. With careful planning, informed decisions, and a bit of patience, you can achieve your dream. Remember, Edge Mortgage Inc. is here to help guide you through every step of the process. If you’re ready to take the first step towards owning your dream home, contact us today for personalized advice and support. And for more tips on navigating the home-buying process, be sure to follow me on social media.

Read some of our 5-star reviews from our happy clients

“Keri and her team were so incredible in helping my fiancé and I with the purchase of our new home and sell of our old home. We found out we needed to sell in order to purchase and she was able to get our loan process started within hours. Keri was always available when needed and was willing to answer any questions we had. She is very knowledgeable about the process of buying/selling a home from the financial side and is willing to explain anything! We will certainly be working with her again in the future and would recommend her to anyone!” -Hanna

“Keri was amazing helping us every step of the way purchasing our first home. We had no idea where to start or what type of loan to consider. She was very quick to answer us with our busy work schedule all times of the day! I highly recommend Keri and her team.” -Angie

“Working with Keri and Cheryl to obtain a new mortgage was wonderful! Great communication, thorough explanations, and a willingness to do whatever it took to make the process seamless was our experience from start to finish. I would absolutely use Edge Mortgage again and highly recommend them without hesitation.” -Michael

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Edge Mortgage Inc. is your trusted guide to preparing for homeownership – Call us today!

Edge Mortgage Inc. is located in Johnstown, Colorado, and serves all of Ohio, Colorado, Wyoming, and Nebraska. We offer the loan process made simple and top-notch customer service. We are your trusted Mortgage Lender and the top mortgage specialist in Ohio, and every state we serve! Call us today at 970-744-0000.

You may also be interested in Nebraska Mortgage Broker Insights: Top Tips for Homebuyers

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