Thank you for using our 425.com mortgage website. You have requested information on "3 Items First Time Buyers Should Know?" If you are just starting to search for your first home you probably have a lot of questions. You have possible heard about down payments, closing costs, interest rates; fixed rates, buy downs and it all seems very confusing. After all, this is probably one of the larger financial decisions you will make in your life.
Item #1 Know your limitations. If you are a first time buyer you might not have a lot of money to work with and you want to leverage your buying power. The buyers we see that get the best values are those buyers that are pre-approved prior to shopping for a home.
Item #2 Understanding the difference between Pre Approved vs. Pre-Qualified. Many real estate or mortgage professional will use the term "Pre-Qualified." Understand that being pre-qualified is not being pre-approved. Pre- approved is were you complete the loan application, review your credit report and actually complete the loan process. Many buyers have been told that they are pre-qualified, to later be turned down for a loan. The way to avoid this happening is to get pre approved prior to searching for a home.
Item #3 Never shop for a lender by the interest rate. Understand that not everyone qualifies for the same interest rate. Mortgage lending is not a one size fits all proposition. Many lenders will quote a rate without reviewing a clients credit profile and this can be misleading. A professional lender will want to understand your entire financial profile prior to quoting you a rate.
The mortgage professional that has made this information available to you specializes in assisting buyers in fulfilling their specific financing needs.
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1-866-449-7263
