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Things To Know as a First Time Home Buyer

 

Buying a home is stressful despite how many times you have done it, especially the first time. JTS & Co. Mortgage Professionals have been helping people finance their dream homes for over twenty-seven years and we can help you too!

 

5 Tips for First Time Home Buyers

 

1. Get Prequalified Before Looking at Homes.

 

There is more heartbreaking than falling in love with a home you cannot afford. A smart decision is to meet with your home loan advisor to see what you qualify for before you start looking at homes. When you are already prequalified, a buyer is going to take you more seriously and understand how important buying their home is to you.  This will also save you time during the whole process and get you into your new home sooner!

 

Getting prequalified takes only minutes when you use our FREE online application. Once you fill out the application, one of our award-winning loan officers will be in contact with you to discuss what your homeownership goals are and how we can help you.

 

2. Start Saving Before You Apply.

 

There may be some other fees that occur during the mortgage process like down payments, appraisals, home inspections, and closing costs. It is better to have already saved for these than to try and save quickly while you are trying to purchase your home. Look into different loan programs because you may not need to save for the long-believed myth of a 20% down payment as some requirements are different.

 

3. Work on Your Credit!

 

Your credit score can affect what type of loan program you might be eligible for as there are different requirements for every loan type. Loans will no down payments required have a higher credit score requirement.

 

4. Keep Your Debt-to-Income Ratio Low.

 

Your debt-to-income (DTI) ratio is one of the factors that determines how much of a mortgage you qualify for. If your DTI is low and your income is high, there is a possibility to be eligible for a larger loan.

 

5. Wait to Make Any Large Purchases.

 

Making large purchases can deplete the savings that you have worked so hard to build up. If you put it on a credit card, your credit score will be altered and affect your DTI. Right before closing, your lender will do a soft credit pull to ensure that everything is the same and there are no changes that will affect your loan. If the credit score has changed drastically due to large purchases, your loan will have to be reworked. Read our blog here to learn more on why large purchases should wait.

 

Contact Us Today!

 

If you want to get started on your home buying dream today, don’t wait and call us today at 662-329-9090! If you prefer to speak to one of our officers in person, our office is located at 4158 Hwy 45 N Columbus, MS 39705. Come see us today!