For most people, buying their first home can be a scary ordeal. There are many factors that you could worry about. Some are; what’s a good interest rate, am I getting a good deal, what is the best loan program, is now a good time and do I even qualify? Let’s look at these one by one so you will have your “need-to-know” information as a first-time homebuyer.
1. What’s a good interest rate?
One thing that is always on first-time homebuyer’s mind is the interest rate. They are concerned with who will give them the best rate and is it the right time for my market? Finally, and most importantly, “will my great rate, raise my closing cost?”. This one is very important. Many lenders will give you a great rate but charge you for it by raising your closing costs. The lenders we work with will never raise your closing costs for their competitive rates. It’s worth repeating, your rates will be competitive and free to you. As far as the market is concerned, rates are coming down and fast. Check out this article from CNBC addressing this issue: Mortgage rates just tanked thanks to the Fed – and they could go even lower. CNBC.
4H Homes will ensure, as a first-time homebuyer, you are with the right lender, with a great rate. To take advantage of that, the time to get started is now.
2. Am I getting a good deal?
At 4H Homes, we want you to know that you are getting the right home at the right price. Something that helps with this, which some first-time homebuyers don’t know about, is that with every purchase an appraisal is ordered. An appraiser will review the amenities, size, area, and quality of the home, compare it with nearby properties and as a result, determine it’s value. Combining our top of the line search technology that compares multiple properties and obtaining a third-party appraisal will ensure the value of the house is sound and by the end of the buying experience, you will be confident that you are getting a great deal
3. What is the best loan program?
The lenders we work with are fantastic at assisting first-time homebuyers choose the best Loan Programs. They make sure you are utilizing the program that fits your budget, closing cost needs, goals and credit profile. Our lenders operate on the same philosophy we do, “we are here to help you get into a home now or sometime in the future”. They will provide you with your “buy now” options or give you a comprehensive game plan for the future. If your application isn’t quite ready due to credit score or other factors, they will help you get ready to buy a home in 2019. To find out where you stand, Apply Now!
4. Is now a good time to buy a house?
This is a difficult question to answer for most first-time homebuyers. There are so many factors that come into play personally for people, so let’s keep it simple and talk facts. If you are over a 500 Credit Score, it’s time to get moving. Austin has a booming economy and the job market has been doing very well and by all accounts, will most likely continue to do so. Check out this article to learn more about it, Austin clocks in among best U.S. cities for job seekers. With so many people moving to the Austin area for work, home prices are going to continue to climb.
It’s been our experience that over the last couple years the “starting home price-range” has climbed from $160,000 to $220,000. As a result, many first-time homebuyers are being priced out of the market. Simply put, home prices are climbing faster than wages. The good news is, IT’S A GREAT TIME TO BUY! Getting into the market now means you’ll take advantage of the equity your home will quickly build. So, between taking advantage of the market growth in Austin and ensuring you’ll be able to purchase the home you need and want, looking into buying now is a sound idea. If you want to discuss this particular issue further, go ahead and Contact us.
5. Do I even qualify?
We always stress to first-time homebuyers this one simple idea, “don’t play the bank”. Allow our lenders to analyze your application and establish a game plan for you. Most first-time homebuyers find out when they do this, that they can in fact buy, even when they were sure that they couldn’t. Remember, if you are over a 500 Credit Score, it’s time to get started. Even if you don’t qualify now, you will still get the best gameplan possible, to get you to your goal. So, Apply Now!
Whatever currently holds you back from starting your journey to home ownership, we should at least start a conversation. Let’s talk about your concerns and desires. Let’s get you in touch with a lender that will give you the best chance to qualify today or at the very least, establish a plan. More information will always be beneficial, so why wait? Contact us now to get started. You can also learn more at 4H Homes’ Facebook page. Give us a visit and like our page to stay up-to-date on all important information.
We can’t wait to get you on the path to owning your first home! Let’s get started!