The process of buying your first home is often so hard it should be considered a sport. Often newcomers to the home market will want to gloss over most of the tedious paperwork in order to simply get it over with. However, this is not the best strategy to take as anything you sign your name to will no doubt follow you for years. One of the most important areas you should pay considerable attention to is your home loan. Therefore, we’ve listed the top three things to keep in mind when getting a first-time home loan.
Getting a First-Time Home Loan: Save for a Down Payment
No matter how great your home loan seems to be, the fact is that it can be considerably better for your financial well-being if you place a large down payment first. Simply said, if you place a large down payment on your home, the amount of mortgage owed each month will drastically fall. Although you might have that itch to get into your brand-new home, in this case, patience is truly your best route.
Getting a First-Time Home Loan: Use a Mortgage Lender
The loan approval process can take several weeks and create a lot of stress on potential home buyers. Opting into hiring a mortgage lender will not only open a plethora of doors to lenders you may have not even known about, but they will most often do the negotiation for you. We do, however, highly advise new home buyers to seek recommendations for professional mortgage lenders from family members and online reviews in order to choose the right lender for your needs.
Getting a First-Time Home Loan: Build Credit
An individual’s credit score can often make or break a deal if lenders notice that you are behind on credit cards, student loans, etc. They will have the impression that if you can’t even pay for your current debts than how are you going to pay for your mortgage. Therefore, one of the most effective things you can do to get that perfect home loan is to work on your credit score prior to applying. Yes, this might take you quite some time but trust us, the payoff is worth the wait.
Your plate is quite full, so having to pay extra on a home loan should not be added to that. We advise that you take your time understanding the numbers, both on their part and yours. Now that you have the right information, go find your dream home.
Want to get involved with real estate investment in Florida? Become a member of the Southwest Florida Real Estate Investment Association!
Stop making excuses — just get out and do it!
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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