First-Time Home Buyers Steps to Success
CMS Mortgage Solutions Inc.
CMS Mortgage Solutions Inc.
Published on April 10, 2022
First-Time Home Buyers Steps to Success - CMS Mortgage Solutions

First-Time Home Buyers Steps to Success

First-Time Home Buyers Steps to Success
If you’re a first-time homebuyer, follow this guide to seamlessly deal with the home purchasing process!

Purchasing a home is a huge financial decision. It’s also an emotional one. For first-time homebuyers, it can be an incredibly overwhelming process. You may feel excited and confused all at the same time.

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The best way to approach buying a home is to do your research ahead of time. Know what you can afford and what you’re looking for in a home.  If something doesn’t feel right, walk away. Don’t let yourself be pressured into making a decision. Once you’ve found the right home, consult with an experienced real estate agent and mortgage lender.

Here are some steps you should take when purchasing a home:
  • Evaluate Your Debt 
When lenders evaluate your mortgage application, one of the first things they’ll look at is your debt-to-income ratio. This metric simply measures how much of your income is being used to pay off debt every month. If your debt-to-income ratio is too high, it could indicate that you’re struggling to manage your existing debt, and as a result, you may be at risk of defaulting on your new mortgage payments. That’s why it’s so important to get your debt under control before you even begin the house-hunting process. Pay down your credit card balances, installment loans, and student loans so that you can demonstrate to lenders that you’re capable of making monthly mortgage payments without any difficulty.
  • Do Thorough Research on the Location 
When you’re thinking about purchasing a home, it’s important to do your research and make sure you’re aware of all the elements that will affect your cost of living. Some things to consider include the distance between your home and workplace, whether there are any grocery stores nearby, and the quality of the school district. All of these factors will play a role in your taxes, so you need to make sure you take them into account before making your final decision. With a little bit of planning, you can be confident that you’re making the right choice for your needs.
  • Watch Out for Underlying Damages 
Home inspection is a vital process that should not be taken lightly, especially when considering purchasing a property. There are many things to look for during an inspection, but some of the most important things to keep an eye out for include water and septic tank sewerage, malfunctioning HVAC system, pests, molds in walls and ceilings, and electrical wiring issues. Furthermore, it is also important to check the flooring, doors, and cupboards for any repairs that may be needed. It is important to take note of any maintenance or health concerns that may come with the property, as this can help to make an informed decision about whether or not to purchase the home.
  • Get Pre-Approved Mortgage Loan 

In today’s competitive real estate market, it’s important to have all your ducks in a row before making an offer on a house. If you need mortgage financing to close the deal, one of the best things you can do is get pre-approved for a loan. This means that you’ll know exactly how much money you have to work with, and you can narrow your search to homes that fit within your budget. In addition, getting pre-approved for a mortgage loan sends a strong message to sellers that you’re a serious buyer who is ready to move forward with the purchase. This can be particularly helpful in situations where the seller receives multiple offers from buyers.

Verify my mortgage eligibility (Dec 10th, 2022)

Purchasing a home is a major life milestone. It’s an exciting time, but it can also be a bit overwhelming, especially if you’re doing it for the first time. There are a lot of moving parts to the process, from getting pre-approved for a mortgage to finding the perfect property to making an offer. Fortunately, you don’t have to go it alone. A good mortgage broker can help make the process a whole lot smoother. At CMS Mortgage Solutions, we have a team of experienced professionals who specialize in helping people buy homes. We’ll guide you through every step of the process, from getting pre-approved for financing to finding the right property and making an offer. For more information, contact our representatives today.

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CMS Mortgage prides itself in its Live, Love, Mortgage Motto! Our top priority is our investment in people and building relationships. By consistently meeting and exceeding our clients’ needs, we strive to become the standard for excellence in the mortgage industry.

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