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The Smart Way to Buy Your First Home Guide

Know your options

Unless you have enough cash lying around to buy a home (and even if you did it probably wouldn’t be the smartest financial decision to pay cash for a house) – you’re going to need to arrange for mortgage financing before you start seriously looking for a home to buy.  

Don’t let this happen to you…

We know a couple – let’s call them Marci and Steve — who were tired of paying rent and having nothing to show for it.  On the way to the grocery store, Steve saw an open house sign, with a bunch of balloons tied to it, lots of cars in the driveway–and decided to take a peek.

It was perfect for them.  He made an appointment with the real estate agent for him and Marci to go back the very next day.  They made an offer. It was accepted! They told all their friends.

They wanted to buy that home, but they were concerned that they might not get approved for the loan.  They had just bought a new car. One of their credit cards was at its limit. Marci had just started a new job about 6 months ago.  And they had no money saved for a down payment. They were afraid that they would not get approved to buy the home of their dreams and it turned out their fears were justified.  Their loan was declined because;

    1. their debt ratio was too high,
    2. the lender couldn’t count Marci’s income because she hadn’t been in her job long enough, and
    3. they didn’t have enough money saved for even the minimum down payment required to get the loan.

This doesn’t have to happen to you.

The way to avoid what happened to Marci and Steve is to know and understand your options before you even think about looking for the home you want to buy.  And most importantly, know how much house you can afford before you try to buy one!

After Marci and Steve got turned down by their lender, they came to us to see if we could save their chance at buying that home.  We couldn’t do that – it was too late – but we did help them set a goal to get their finances in order and qualify to buy a home within the 6 months..  They stuck to the plan we helped them set up and 6 months later we pre-approved them for a loan, they found a house they loved, and they’ve been living in that home now for several years.

You want to make sure you can be approved for mortgage financing before you start looking for a home.  All of us on the Lynch Team are dedicated to helping you find the answers you need, so you know all these things:

  • How to be pre-approved for a mortgage ahead of time — even if you’ve had credit problems in the past
  • Why all banks and mortgage lenders are not alike
  • Rates and closing costs are not the same everywhere
  • How your income will be used to figure the payment you can afford
  • How to negotiate with the seller to get your home for the lowest possible price, given current market conditions
  • How to work with credit counselors if your credit has been damaged
  • How to choose the loan program that will work best for you (there are many, and some you’ve probably never heard of).
  • Why you need to use a “Buyer’s Agent” type of real estate agent to help you buy your first home.

Get pre-approved for your mortgage before you buy your home – your credit and income are verified ahead of time. When you do, you will know:

  • How much you can spend for a home
  • How much money you will need to close
  • If you need to consolidate your debts
  • If your credit is good enough
  • What’s the best mortgage loan for you
  • Whether home ownership would be less expensive than renting in your specific case
  • And How much money you are saving by owning a home.

A word of CAUTION: If your mortgage lender does not collect, review and verify information about your income, tax returns, bank accounts, employment and credit, you have not been pre-approved. Before you start shopping for a home, make sure to get a real, honest-to-goodness pre-approval — not one of those “pre-qualification letters” that when you read the fine print, you find out that there are all kinds of disclaimers and you are NOT really approved at all.

Fill out our form for a free download now

The Smart Way to Buy Your First Home Guide

How to find the cash that you need for the down payment

You may already be saving for a down payment.  But you might already have resources that you did not really know have always been available to you. Sources like:

  • Income tax refund checks
  • Checking & Savings accounts
  • Cash value of life insurance policies
  • Gifts from your family
  • Borrow against an auto that you own
  • Retirement accounts like 401k savings at work and IRA account.

Plan ahead to be in the best financial position before you buy.

Time works in your favor for this, as credit scores make a big difference on mortgage rates.  If for some reason you can’t be approved for a mortgage loan today, we can show you how you can get approved in 6-12 months  – maybe even sooner. Don’t give up! We’ll be with you every step of the way.

Let us recommend a real estate agent 

There is a type of real estate agent that works for you — and not the seller.  They are called Buyer’s Agents. You don’t have to pay them a commission (they are paid by the seller when the transaction closes).  We can recommend a Buyer’s Agent Realtor®, one that we know personally, and who will truly have your best interest at heart.

What’s in It for You?

  • There are ways to buy your own home and stop paying rent forever.
  • By being pre-approved ahead of time, you are not RUSHED into making the wrong choice when it comes to finding a mortgage loan.
  • We may be able to save you thousands of dollars.
  • And we won’t waste your time, either.
  • Even if you’re skeptical, which is only natural, a phone call is free.  The worst thing that can happen is that you might not be able to buy a home RIGHT NOW – but we can discuss your options.
  • The best thing is having the peace of mind that comes from knowing you can be approved for a mortgage, save yourself a lot of money, and buy your first home.

Please call us as soon as you have finished reading this-while the tips are still fresh in your mind. We look forward to working with you!