Tips for First Time Homebuyers

Tips for New Homebuyers

Tips for First Time Homebuyers

1. Save Money – If you are a first time home buyer, there are a number of reasons to stash some cash. While there are loan programs available that do not require a down payment (like USDA Rural Development and VA mortgage loans), most first time home buyers don’t consider other costs associated with becoming a home owner. Closing costs, homeowners insurance, and home inspection fees may still be applicable. Start saving now, for less stress later.

2. Check Your Credit – No one likes surprises on their credit reports. New home buyers are even less thrilled to discover they have problems on their credit reports that they were unaware of. Checking your credit early allows you to come up with a game plan. Lenders have minimum credit score requirements for every loan program that a licensed mortgage loan officer can explain in detail – and often help you achieve given the right time. Use our branch locator to connect with an Inlanta Mortgage loan officer to discuss your credit situation. Inlanta loan officers frequently review credit reports and provide advice on how to improve credit scores for home financing purposes.

3. Organize Your Documents –  Financing a home requires quite a bit of documentation. Gather your tax documents, investment and banking statements, student loan pay-off information, pay stubs, etc. Your loan officer will let you know what exactly what documentation is required for the home financing you need – but it never hurts to have your documents in proper order before beginning the process.

Apply for a Mortgage Loan

Applying for a mortgage is the first step in the process. Click here to apply now or use our branch locator to find a specific branch or loan officer. After receiving your application, your loan officer will reach out to you to verify financial details in order to provide a loan pre-approval. You do not need to have a specific home in mind to apply for a mortgage loan. In fact, having a pre-approval when house hunting is better for all involved. Read more about the value of pre-approvals.

About Inlanta Mortgage

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 31 branches in 16 states and over 220 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was named a Top Mortgage Lender in 2012 by Scotsman Guide and has been listed on Mortgage Technology’s Top 25 Tech Savvy Lenders List for the last four years. Inlanta has also been named to the Milwaukee Business Journal’s “Top 25 Largest Milwaukee-Area Mortgage Banking Companies” and Mortgage Executive Magazine’s “Top 100 Mortgage Companies in America” in 2011 and 2012. In addition, Inlanta was named a “Fastest Growing Firm” by Milwaukee Business Journal in 2013 and a “Platinum Million Dollar Lender” by the USDA Rural Development Program.

Inlanta Mortgage’s Mission

Inlanta’s mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

For more information, please call Inlanta Mortgage at 262-439-4260, email info@inlanta.com or visit the company’s website at www.inlanta.com. For more information on branch partnership opportunities with Inlanta Mortgage visit inlantapartners.com or email partners@inlanta.com.

More First Time Home Buyer Mistakes

More First Time Home Buyer Mistakes to Avoid
Last week we discussed some common first time home buyer mistakes.  To help you keep your sanity, cash, and to help you proceed through the home buying process as a more educated consumer  –  we have a few more to add to the list.

Mistake #4

Being ruled by the heart and not the head. Although, the decision to purchase a house often begins with your heart – don’t let you heart rule the process. For example, curb appeal can be a powerful force. If your heart is in love with the white picket fence or the expansive yard – make sure you are not overlooking other aspects of the home as a result.

Be objective and look at an assortment of homes. List the positives and the negatives of every home. Can you reduce or eliminate the negatives? Perhaps you could recruit a friend to view the home and give you objective feedback.  Think about how long you plan to own the home and if it will be difficult to resell.

Don’t exclude your heart from the process – just be sure your head is in charge.


Mistake #5
Buying into an unknown location. Don’t stop your inspection at the property line. Examine the surrounding area. Is it safe, well maintained, relatively quiet? Is is convenient to work, school, and shopping? Ask about zoning and that lovely forest of vacant land across the street. Could the highway be widened in a couple of years? If you are not familiar with the area, a real estate agent is essential. A licensed realtor will be able to help you with your questions and alleviate your concerns before you purchase.

Mistake #6
Signing without understanding the financing. Here is where it helps to do a quick study. First-time home owners contend with an assortment of mortgage types and the associated jargon. Pre-purchase counseling can help families prepare for homeownership. While your licensed mortgage loan officer is more than capable of explaining the process, many families find pre-purchase counseling classes to be extremely beneficial.  In the Milwaukee area, Housing Resources, Inc. offers a number of classes for first time home buyers.

 

Are you ready to become a new home buyer? Consult a licensed mortgage loan professional today!

 

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programsReview Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

First Time Home Buyer Mistakes

Avoid These Common First Time Home Buyer Mistakes

Avoid These Common First Time Home Buyer Mistakes

It happens every day. First-time home buyers, partly due to enthusiasm or partly due to ignorance, make costly mistakes during the home buying process, like buying more house than you can reasonably afford. To help you keep your sanity and your cash, become an educated consumer and avoid the mistakes others have made before you. Here are a few common mistakes new home buyers should avoid:

Mistake #1

Not planning ahead. From the moment you think about buying a home, start planning. Start by requesting a copy of your credit report. Carefully examine it for errors and be prepared to answer questions about items on your credit report. Talk to your mortgage lender before you attempt to rectify errors on your report – in some cases your attempts to rectify credit report errors can cause a delay in the approval of your loan. An Inlanta Mortgage loan professional can provide you valuable guidance when it comes to improving your credit score or correcting errors.

Are you currently renting? Check your lease for an early release clause. If you’ll be subject to penalties, try to time your closing with the expiration of the lease.

During this planning phase, consider your life over the next five to seven years. Do you plan to start a family? Will an in-law eventually move in with you? Will you be working from home? The number and layout of the rooms you require will depend on your answers. If you qualify for financing based on a dual income, will you be able to survive on one salary in order to fulfill a long-range plan, such as one parent staying home to raise a child? Once you’ve answered these questions, establish a plan. Then direct the process with reference to the plan. Don’t let the process dictate to you.

Mistake #2

Failing to understand the home buying process. First-time homebuyers need to ask questions, lots of questions. Choose a real estate agent and mortgage professional who each have experience working with new home buyers. Experienced Realtors and financing professionals should be willing to explain the entire home buying process – from viewing homes, to negotiating, to financing, to escrow and closing in detail, and explain it again until you understand it.

Mistake # 3

Getting in too deep. It can happen when home buyers shop outside their budgets or over-extend themselves. What can you do to avoid getting hooked? Monitor your expenses for a couple of months. Then, based on your findings, develop a budget that truly reflects your lifestyle. Talk to a real estate agent who can provide insight into new home expenses and taxes. Then revise your budget.

Get pre-approved not pre-qualified. Pre-qualification only tells how much you can afford. Pre-approval goes a step further. Your lender will thoroughly evaluate your application, including verifying employment information and financial disposition, then clear you for a loan of a determined amount. Having your loan pre-approved makes you more attractive to the seller – a definite advantage when competing with investors for properties.

More to Come

Since this is obviously not an exhaustive list – next week we will provide a few more first time home buyer mistakes to avoid. Need more information now? Contact a licensed mortgage loan professional at Inlanta Mortgage. Our experienced team of loan officers can help you navigate through the home buying process and into the home of your dreams!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Rising Rent Prices Expected

Rent or Buy

73% of people think now is the time to buy.

According to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey, several key housing market indicators point to increasing numbers of home purchases. Why? Americans now expect both home and rental home purchase prices to increase over the next year.

“Conditions are coming together to encourage people to want to buy homes,” said Doug Duncan, vice president and chief economist of Fannie Mae. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”

Rates remain low and home prices are on the rise. Inlanta Mortgage loan officers are here to help you evaluate if now is the time to become a homeowner. Our mortgage professionals understand that the decision to purchase a home is often the most important financial decision you will ever make and can help you make rent versus buy calculations. Click here to find a licensed mortgage loan officer near you.

Here is some of the raw data availalbe in the March 2012 Monthly National Housing Survey conducted by Fannie Mae:

  • 33% of respondents expect home prices to increase over the next 12 months – up 5% percentage points from last month
  • On average, Americans expect home prices to increase 0.9% over the next 12 months
  • 39% of Americans expect mortgage rates will go up in next 12 months
  • 73% of respondents believe now is the time buy a home – up 3 percentage points from last month
  • the number of respondents saying it’s a good time to sell also increased one percentage point from last month
  • 48% of respondents expect home rental prices to increase in the next 12 months. In fact,  respondents expect home rental prices to increase by 4.1% over the next 12 months – the highest recorded number to date

Access the March 2012 National Housing Survey Data Release click here.

Whether you are ready to make the leap to home ownership or not, it is never too early to begin learning about the process. Explore our other blog posts on the Home Buying Process here.  Learn why home ownership matters, why you need to get pre-approved for a mortgage before shopping and much more!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.