The first step in a first-time homebuyer’s journey to purchase a house is to a loan officer so that the first-timer can get preapproved for a mortgage. The loan officer will assess your current financial status and then tell you if there are any credit issues that need to be cleared up in order to position you for a mortgage.
The loan officer usually has various loan programs available and knows if any government subsidy programs are available that could help with your closing cost. Before searching for real estate, you should know the maximum mortgage amount you can qualify to buy a house. It does not make sense to look at a house beyond your qualified mortgage amount and your down payment.
There are times when some first-timers are not happy with the amount they qualify for because it prevents them from the house they like. However, loan officers can tell you the options you have to increase your qualified mortgage amounts such as adding a spouse with their income. In qualifying another party to the mortgage involves assessing their financial status which means their debt, as well as their income, is involved. The Pro loan officers found on Real Estate ProFinder will be very informative about the mortgage programs that fit your financial status to get the mortgage you need for your real estate purchase.