There are very few experiences in life that are as exciting as buying a new home. Of course, between putting down that hard-earned earnest money and navigating page after page of your closing paperwork, it can also prove a highly challenging endeavor. This is particularly true for the first-time home buyer. Worry not! The experts at Mortgage Atlanta have broken it down into 5 simple tips designed to help newbies to the homebuying game make their way to the closing table as easily as possible. That way, you can spend more time enjoying the journey to becoming a homeowner and less time stressing over all the puzzle pieces that must fall into place before you cross the threshold to your new home.
As a first-time homebuyer, a pre-approval mortgage calculator will be your best friend. But first, you’ll need to create a sample budget to learn how much you can commit to spending on monthly mortgage payments. Be sure to account for potential changes to your utility payments (a larger home may be more expensive to cool and heat), gas expenditures for longer commute times, and additional new home-related expenses, such as moving costs and new furniture. Don’t forget things like insurance, property taxes, home inspection fees, closing costs, maintenance fees and all the hidden costs that come with home ownership. Also include all those expenses associated with daily life like groceries, entertainment and the occasional medical expense or car maintenance bill. Once you’ve landed on a number for a monthly mortgage you can pay comfortably without feeling “house poor,” visit the Pre-Approval Mortgage Calculator on the home page at www.Mortgage-Atlanta.com. Play around with the different fields to get that mortgage payment to hit your target number. Those fields include purchase price, down payment, interest rate, loan terms, annual taxes, annual insurance and HOA dues. You may need to peek around at listings online that are aligned with your vision of a home sweet home to gather the details necessary to complete the form and calculate your monthly mortgage. You’ll learn that the more down payment you put down, the more you’ll be able to move the needle (so start saving!)
A 30-year mortgage isn’t necessarily the only home loan option available to you. If you are a U.S. military veteran, you could qualify for a VA Loan, backed by the U.S. Department of Veterans Affairs. If deemed a low-to-moderate income earner, you could qualify for an FHA Loan, a federally backed loan insured by the Federal Housing Administration only requiring a 3.5% down payment. They are a great option for anyone who doesn’t meet conventional loan requirements or has a fairly low credit score. Learn about other loan options available to you HERE. The home loan specialists at Mortgage Atlanta will explore a variety of options with you to find the ideal loan to meet your needs and numbers.
Knowing how much home you can afford within a budget is only the first step. You’ll also need to know the size of the home loan for which you will be approved. Those two numbers will not always coincide, so you may want to readjust your home search or plan to save more for your down payment. While you can be pre-approved at Mortgage Atlanta, you may want to take it one step further to be more competitive in a busy marketplace. We are proud to offer TruQual, a program that allows you to be fully approved and underwritten before you make your first purchase offer. It’s more in-depth than a preapproval for a home loan – requiring more paperwork on the frontend but saving you more time on the backend. When armed with a TruQual letter, the seller will know you are a qualified buyer who is serious about their home and can afford the purchase through an approved loan from a trusted mortgage firm. It’s a win-win for all involved.
Before buying a used car, you’ll want an experienced mechanic to have a look under the hood to make sure you’re not driving home with a lemon. The same holds true for a new or resale home. You’ll need to do more than kick those proverbial tires. A certified inspector who is not affiliated with the builder or seller will know what to look for in the home’s structure, electrical systems, HVAC systems and more to troubleshoot any potential issues that may arise after you’ve officially taken down the “for sale” sign. They will supply you with their findings, which you can then share with the builder or seller to correct before you head to the closing table. Skip this step and you may be responsible for any repairs that aren’t covered under your home’s warranty if you’re lucky enough to have one.
Needless to say, every homebuying journey is unique and you may have questions that fall outside the tips outlined above. As an entity that strives to be Georgia’s Best Mortgage Company, we welcome every opportunity to answer those questions and make your journey a little easier. If you have questions or would like to be referred to a local real estate agent, you can reach Mortgage Atlanta’s knowledgeable team at 678.564.1522 or via our online contact form. We also invite you to contact our President & Senior Loan Specialist, Brian Berman, directly at bberman@mortgage-atlanta.com.
We wish you the best of luck on your new home search and hope you will consider Mortgage Atlanta as your home loan provider! To learn more about us and our full suite of services, visit www.mortgage-atlanta.com.
