FDIC-Insured – Backed by the full faith and credit of the U.S. GovernmentMaking Your First Home Purchase: Tips for First-Time Home Buyers
Buying a home is a significant milestone for most people, and for first-time home buyers, it can be nerve-wracking. You might be wondering if you can afford a home, how to find the right mortgage lender, and what type of home to buy. However, with the right information and mindset, you can purchase a home and make the process a lot smoother.
Step 1: Education
The first step in the Your Best Interest program is education. The lender works with the customer to assess their financial goals and provide them with personalized information and resources on the homebuying process. This will include information on the types of mortgages available, mortgage rates, and what to expect during the lending process.
- Pull your free credit report
- Build Your Budget – discover what you’re spending
- Learn about best practices to budget
Step 2: Right-Sizing the Mortgage
The second step in the Your Best Interest program is right-sizing the mortgage. The lender will work with the customer to determine how much they can afford to borrow, taking into account their income, debt, and other financial obligations. This will help the customer avoid taking on too much debt and ensure that they can comfortably afford their monthly mortgage payments.
- Affordability Calculator
Step 3: Maximizing the Value of the Home
The next step in the Your Best Interest program is maximizing the value of the home. The lender will work with the customer to identify areas where the home can be improved to increase its value. This could include minor repairs, upgrades, or renovations that can help the customer build equity in the home and increase its overall value over time.
Step 4: Friends For Life
The final step in the Your Best Interest program is ongoing support. The lender will continue to work with the customer throughout the life of the mortgage, providing them with guidance and support as needed. This will include regular check-ins to ensure that they are still on track to meet their financial goals and to see if any adjustments need to be made to their mortgage or home improvement plans.
Let's Work Together
The Your Best Interest program is a new mortgage lending process designed to help first-time homebuyers get the most out of their mortgage and their home. By working directly with the lender, customers can tailor their mortgage to meet their needs and maximize the value of their home over time.