Click To Apply Online

Our Best Advice for First-time Homebuyers

The iServe Blog

Looking to buy your first home? We’ve collected some great advice on getting started, from our mortgage payment calculator to our common-sense affordability tips. Using the tips outlined here will help you look for your new home and make it easier for you to get the right mortgage for your home and financial situation. As always, contact us for help with your specific needs; these guidelines can help you as you begin your search for your first or next home.

Explore Your Options

While a 30-year mortgage works for many of our clients, other products can help you afford your new home and may be a better match. VA loans are soaring in popularity with our clients and across the nation, because of their flexible credit guidelines and greater affordability, while others find their perfect match in a shorter-term 15-year loan or even an FHA-backed loan.

Work With Real Numbers

How much can I afford? It’s one of the questions we’re asked most frequently! We’ve assembled a set of tools and calculators to make it easier than ever to work with real figures and to use the loan calculator to determine how much you can afford to spend on your new home.

Timing Matters

When is the right time to buy? Historically, right now is a great time to buy; interest rates are still down, and credit requirements have loosened. When the housing market crashed, it caused the rental market to grow – and the cost of renting to rise accordingly. With interest rates down, it is still an opportune time to buy a home. If you are prepared financially and have a fair or better credit score rating, it is time to start looking at purchasing your first home. If you are already a homeowner, you may be able to upgrade to a bigger, better home without spending much more money, making now an ideal time to explore your possibilities.

How Much Money Do I Need?

Learning more about your down payment options gives you a better idea of how much capital you’ll need to save, and it can yield some surprising figures. While a conventional 30-year mortgage may still require 20 percent down, some products require far less – even nothing down – when you buy your home.

Pre-Qualification Matters

Getting pre-qualified for a loan helps you in a variety of ways. You’ll get a firm idea of what you can spend and even a conditional commitment from your lender when you take this approach. Not only does knowing how much you can spend help you shop, it allows you to bid on a home with confidence. Sellers feel better about your offer if they know you have a pre-qualification in place and may choose your offer over one with contingencies or no mortgage information at all.

Ready to get started? Our team is here for all your questions and to help you get started! Contact us to get the help you need as you look for your new home.