Updated: Jun 2, 2020
First Step in Buying a New Home You have decided to buy a new home and have probably started looking online, in the neighborhoods, and locations you are interested in for a new home. This is an exciting time as you have put together some thoughts, if not a list of what you are looking for in a new home. Maybe an open floor plan, 3 or 4 bedrooms, 2 full baths, and maybe even a swimming pool. But the big question and the first step you need to take is, how am I going to finance the purchase of my new home? If you are financing the new how, the first step is to get pre-approved. Getting pre-approved for a mortgage will let you know what price you can pay for your new home, as well as how much you can afford for a monthly payment on your home. Once you have this preapproval, then you will be able to fit what you are looking for in your new home with the financing you will be able to obtain.
Types of Mortgage:
Among the ways to purchases your new home you can obtain:
1. FHA, Conventional, or VA loan
2. Owner Finance
3. Or pay cash for the home
This first step is also one of the first reasons to talk with and start working with a Real Estate professional as they will be able to describe each of these alternatives with you and help provide you information to make the best decision for your situation.
For more information, contact me and I will be happy to help you start the first step on buying your new home and answer any questions you may have