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First Time Buyers

 

First Time Homebuyer

Saving for a home can seem daunting, to the point that many give up! 

But did you know:

  1. Often times it costs less to buy than to rent - not just upfront fees, but often monthly payments are less than renting!
  2. There may be down payment assistance programs that can help with down payment.

Doesn't hurt to hear more or to explore your options!

 

Owning your own home comes with many advantages!

PRIDE OF HOMEOWNERSHIPYou control home improvements options. Don't like the color of paint? Want a new pet? Pull up the carpet and replace with wood veneer? Finish a basement maybe? Some improvements may even increase YOUR home value.

HOME EQUITY. The principal amount of your monthly payment reduces the amount owing on your mortgage, If and when you decide to sell your home, the value of the home, less your mortgage amount and closing costs is YOUR equity. Equity to spend any way you want, even to move up into a bigger home if you like!

PAYMENT PREDICTIBLITYNo more unexpected RENT INCREASES! You make monthly "PITI" payments, which stands for Principal, Interest, Taxes, & Insurance. 1/12th of the amount of your annual property tax and homeowner insurance is added to your principal and interest payment. Payments will be adjusted if your insurance or tax amounts go up or down. 

Ready, Set, CLOSE! 

How do I get READYAt the time of your "pre-qualification" we will provide financing options that will best suit your personal needs and qualification criteria. Qualification is often referred to as the 4 C's: Credit, Capacity (amount/stability of income), Collateral (the property), and Cash. Once we have established your maximum borrowing capacity, we issue a "PreApproval Letter", which is used to strengthen your offer to purchase a home. 

Offer accepted, terms are SET.  After the home inspection is completed, an appraisal is ordered. Any final documentation required on your income and assets will be requested to prepare your file for submission to an underwriter for review.

CLOSE! An initial review of the underwriting team will often result in a "Conditional Approval". There might be a letter of explanation, maybe a final inspection if home repairs were requested by the appraisal. or any number of other items needed to get CTC, meaning Clear To Close. If you need to bring funds to closing, take special precautions and follow all instructions CLOSELY, as "wire fraud" has unfortunately become prevalent in our industry recently.

Contact us TODAY so we can get you on your way to securing your American Dream of Homeownership!

The LifetimeLender Team

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