How To Buy A House
Now is a great time to think about buying a home because interest rates continue to be at historic lows. Whether you are buying your first house or relocating to a new home, you may have questions. As an experienced residential lender, Freedom Mortgage is here to help. In this article, you'll find useful information on how to buy a house and important first steps in the home buying process.
What if I'm a First-Time Homebuyer?
If you are a first-time homebuyer, you are probably evaluating whether it is better to buy or rent. The answer to that question depends on your situation. In general, the longer you stay in your home, the more advantageous it is to buy a house, especially if you can lock in a low mortgage interest rate. Because interest rates are still comparatively low, now is a great time to think about becoming a homeowner.
What's the First Step in the Home Buying Process?
Shopping for a home may not be the best place to begin. The home buying process is usually easier if you start by getting pre-qualified for a mortgage so you can find out how much you can afford. That way, you'll know your price range when you begin house hunting. First, use our Mortgage Affordability Calculator to get a rough idea of your estimated monthly mortgage payment. Next, you'll want to obtain a more accurate assessment by calling a loan specialist at Freedom Mortgage to get pre-qualified. During your phone call you can find out more about available mortgage options and other aspects of the home financing process.
I Want to Move: What Do I Need to Know When Purchasing a Home?
Whether you're moving to a new location or just across town, you may want to contact a real estate agent who is familiar with the area before you buy a house there. Your agent may also help you establish a listing price for your current home. Keep in mind that you may be able to leverage the equity in your existing property to purchase a new one. The next step is to contact a trusted lender to look into these details and help you determine how much you can afford to spend on a new home.
Freedom Mortgage can give you a no-obligation pre-qualification and explain your available mortgage options. We also offer additional resources for homeowners looking to move. If you haven't moved before, you may want to read our Moving Checklist for reminders of how you should prepare in the weeks leading up to your move.
For more details about the process of applying for a mortgage, read our Application Checklist. Then call Freedom Mortgage to get pre-qualified.