Buying a house for the first time

Buying your first home can be a rewarding experience. But it’s a big commitment—one that you should only make if the financial, emotional and lifestyle considerations make sense for you.

Which is why we have a variety of tools and resources to help you through the experience. Whether you’re just starting to save or you already have a house in mind, we can help you get your keys to your first home.

Ask yourself:

  • Are you planning on any major life changes, like changing jobs or starting a family, in the next few years that could impact your financial situation?
  • Can you commit to staying in a home for at least five years?
  • Do you have a stable income?
  • Are you confident you can handle house repairs (or can take the time to learn), or are you willing to pay a specialist when something breaks?


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Every first-time homebuyer should know the basics

New to home financing?

Buying your first home is a big deal. Between comparing neighborhoods and reviewing real estate listings, make sure you understand the basics of home financing — from mortgage rates to fees and costs.

Consider

How you might pay for a down payment. You can also get prequalified — provide some basic information to get an idea of your home price range.

Estimate your price range

You have a few ways to do this. You can use our calculator at any time. Or connect with me and I can help you throughout the process.
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Make your offer stronger with a mortgage preapproval

Get preapproved

As you tour open houses and circle in on your dream home, don’t miss this other key step: applying for a mortgage preapproval.

It strengthens your offer 

A preapproval from me shows sellers you’re a serious and prepared buyer. Plus, compared to a prequalification, it will give you a more accurate idea of your potential loan amount, monthly payment, and interest rate.

Get organized

For first time homebuyers, the paperwork can be daunting. You’ll need to provide various documents, such as pay stubs, bank statements and tax forms. Make sure you know what papers you need and have them readily accessible. A Home Lending Advisor can help you determine what documents are needed.
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Head on over to the resource and videos tab near the top right for more helpful information, including our blog and give me a call / text 619.852.5532 or send me an email Eric@wcmlending.net for any questions you may have. APPLY HERE

After you apply:

DON’T enter any deferred payment plans. This is a popular option when purchasing furniture, but resist the urge! Even if the payments won’t start until six months down the road, they will show on your credit report as debt and affect your debt-to-income ratio and possibly your credit score.

DON’T close any revolving credit accounts, even if they have a $0 balance. This could negatively affect your credit score as it will change your percentage of available credit, credit history, mix of credit and account payment history.

DON’T finance or charge any new debt or co-sign on any loans. New debt — even as a co-signer — will affect your debt-to-income ratio and credit score.

DON’T acquire any NSF (Non-Sufficient Funds / overdraft) fees from your bank. Make sure the funds in your bank account cover anything being paid out; mortgage lenders look at these fees as an inability to manage money and a mortgage risk factor.

DON’T change jobs or become self-employed without discussing it with your lender first. Your pre-approval is based on your current job history and income, so making a change — even if it is moving to a higher-paying job — could change your ability to qualify for your new home.

CLICK HERE FOR YOUR FREE HOME BUYER GUIDE

THANK YOU TO ALL OUR CURRENT AND RETIRED SERVICE MEMBERS! 
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