3 Things To Consider When Buying Your First Home

One of your first steps in buying a home is to determine how much you want to spend. Next, you will want to find a lender and get pre-qualified for a home loan. Lenders look at your employment and credit score, as well as the value of the house you want to buy, to determine the amount you can borrow. Lenders can tell you the amount you can qualify for and pre-qualify you as a borrower. This lets sellers know you will be able to get financing and improves your negotiating position.

1. Down payment

To purchase a home, you may need a down payment. This is money you pay in order to buy the house and decrease the amount you need to borrow. Most loans require you to pay between 10 and 20% of the purchase price as a down payment.

2. Pull together all your documents

Lenders will ask for w-2 statements, tax returns and other documentation. If you don’t have that kind of documentation, don’t worry. Explain your situation to your mortgage consultant because there may be other options available for you. Providing requested documents

3. Find a lender who will work with you regardless of your situation.

GMFS Mortgage offers loans to fit a variety of situations and we can quickly let you know if you pre-qualify for a home loan or help you understand next steps to become eligible for a home loan. CHANGING LIVES… it’s what we do best!

Start your application or request a free consultation today!