Buying your first home is an exciting journey, but it can feel a little overwhelming if you don’t know what to expect. At Edge Mortgage, Inc., we’re here to make the process easier and help you understand what to know before buying a house the first time. We serve all of Colorado, Wyoming, Nebraska, and Ohio and we remove costly and difficult processes by replacing them with high-quality customer service. We know each client and situation is unique. As a mortgage broker, we have access to many different lenders and products to find a loan to best fit your needs. We work with each client’s individual needs and always have their best interests at heart.
Whether you’re just starting to think about buying a home or still a ways off, it’s never too early to give us a call. We can help you take proactive steps and get you fully prepared for when the time is right. From figuring out your budget to understanding the mortgage process, here’s a guide to help you prepare.
START YOUR MORTGAGE APPLICATION
Understand Your Budget
Before you start house hunting, it’s essential to know how much house you can afford. This involves taking a close look at your income, savings, and expenses. One of the first steps is to get pre-approved for a mortgage. Pre-approval gives you a clear picture of what you can borrow and helps narrow down your home search.
At Edge Mortgage, Inc., we can help you through the pre-approval process, making sure you’re set up with the best mortgage options to fit your financial situation. And don’t forget about the down payment! Depending on the type of loan, you might need anywhere from 3% to 20% down. We’ll help you explore low-down payment options like FHA or VA loans, which can be especially helpful for first-time buyers.
Know How Your Credit Score Affects Your Mortgage
Your credit score plays a huge role in determining your mortgage options and the interest rates you’ll qualify for. The better your score, the better the loan terms you’ll be offered. If your credit score isn’t where it needs to be, don’t worry. There are steps you can take to improve it before applying for a mortgage, like paying down debt and making sure all your bills are paid on time.
At Edge Mortgage, Inc., we’ll walk you through how your credit score impacts your mortgage and offer tips to improve it, so you’re in the best position possible when you’re ready to buy.
Know Your Mortgage Options
One of the most important things to know before buying a house the first time is that you have multiple mortgage options. It’s not one-size-fits-all, and each loan type has its own benefits and requirements. Here’s a quick overview:
- Conventional loans: These are your standard loans and typically require a higher credit score and down payment.
- FHA loans: These are popular with first-time buyers because they allow for lower down payments and more flexible credit requirements.
- VA loans: VA loans are available to veterans and active military members. VA loans offer competitive rates and no down payment.
- USDA loans: These are great for those looking to buy in rural areas and may come with no down payment.
At Edge Mortgage, Inc., we’ll help you determine which loan is the best fit for you. Whether you’re looking for a conventional mortgage or something like an FHA loan.
Watch Out for Hidden Costs
When you’re buying a home for the first time, it’s easy to focus on the purchase price and forget about the extra costs that come with homeownership. These hidden costs include things like:
- Closing costs: These are fees you’ll pay at closing, and they usually range between 2% and 5% of the loan amount. This includes things like loan origination fees, title insurance, and appraisals.
- Ongoing costs: Homeownership comes with ongoing expenses like property taxes, homeowners insurance, and maintenance. It’s important to budget for these expenses ahead of time.
As your trusted mortgage broker, we’ll make sure you’re aware of all the costs involved so there are no surprises at closing. We can help you understand your mortgage payment and what is included.
Don’t Skip the Home Inspection
When you’re excited about a house, it’s tempting to skip the inspection and move forward. But one of the key things to know before buying a house the first time is that a home inspection is crucial. It protects you by identifying any potential issues with the property before you sign the paperwork.
At Edge Mortgage, Inc., we always recommend getting a thorough inspection. If anything comes up during the inspection, you may be able to negotiate repairs or even reconsider the purchase if necessary.
Work with Professionals
Buying a home is a big deal, and having the right team by your side can make all the difference. Working with a real estate agent is essential, as they’ll help you find the right home and navigate negotiations.
Just as important is working with a trusted mortgage broker. At Edge Mortgage, Inc., we specialize in finding the best loan options for first-time buyers. We’ll help you every step of the way, from pre-approval to closing, making sure you’re informed and comfortable throughout the process.
What to know before buying a house the first time: Call Edge Mortgage Inc.
When it comes to buying your first home, knowledge is power. By understanding your budget, credit score, mortgage options, and the costs involved, you’ll be in a much better position to make informed decisions. At Edge Mortgage, Inc., we’re here to guide you through the process and make your home-buying journey a smooth and successful one. We are your top-rated mortgage resource for helping you understand what to know before buying a house the first time.
Ready to take the first step toward homeownership? Contact Edge Mortgage, Inc. today for personalized advice and support in finding the right mortgage. Let’s make your dream of owning a home a reality! Contact us today to get started!
Read some 5-star reviews from our satisfied clients
“This was my first home loan and Keri was very easy to work with! She made the process of getting a mortgage a little less daunting, she made sure to keep my fiancé (now wife) and I informed without making it feel overwhelming. Any time we encountered something that looked like it might be a problem to me, Keri helped walk us through it and we were able to make it to closing day! I would definitely recommend Edge Mortgage, Inc. to anyone looking to purchase a home!” -Nathanael
“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 at all times of the day! I highly recommend Keri and her team.” -Angie
GET PRE-APPROVED NOW
Edge Mortgage Inc. is located in Johnstown, Colorado, and serves Ohio, Colorado, Wyoming, and Nebraska. We offer honest answers and a stress-free process and we have no hidden or extra fees, keeping more money in your pocket. We are your trusted mortgage broker and we are ready to serve you. Call us today at 970-744-0000.
You may also be interested in reading: Trusted Mortgage Broker in Ohio
