No matter your age or circumstances, purchasing a home for the very first time can be daunting, but you don’t have to navigate this process alone. There are lots of free resources out there for first-time homebuyers, as well as experienced professionals who can guide you.
1. Mortgage Loan Officer
Your mortgage loan officer will likely be your number one ally when it comes to working through the complex financial process that comes with buying your first home. Not only will they be able to answer your questions, but they can also be your advocate if you run into any problems obtaining a mortgage loan.
Before you even start looking at potential homes, it’s a good idea to contact an experienced home mortgage officer to help you get started. They can assist you with figuring out how much you can afford and getting pre-approved for a loan amount, which will make the process much smoother from the get-go.
2. Real Estate Agent
The help of a real estate agent can make the process much smoother, especially if it’s your first home. A local real estate agent can help you in several ways, including:
- Finding and touring available homes for sale
- Submitting offers on potential homes
- Negotiating with the seller(s)
- Completing the mortgage closing process
Another thing to be aware of is that both you (the buyer) and the seller will have your own real estate agents who will work together as you and the seller go through the process. This way, your real estate agent will be committed to you and your best interests.
3. Grant Programs
Due to changing economic trends, saving for a down payment has become more difficult for Millennials and Gen Z. Thankfully, there are grant programs available that can help offset the costs for most homebuyers. There are also federal loan programs that can allow you to purchase a home with a low down payment amount or zero down.
Through Minster Bank, you can take advantage of the Welcome Home Program, an annual grant program that can provide you with up to $10,000 ($15,000 for eligible veterans) toward your down payment and closing costs.
4. Free Online Resources
There are a multitude of free online resources available to all homebuyers – all you have to do is look. From guides that walk you through the process to mortgage calculators to blog articles, these resources can give you a good idea of what to expect.
Here’s a side note, though: While online resources are useful for supplemental support, there’s no real substitute for working with experienced professionals who know the real estate and financial industries and have helped others successfully navigate the home buying process.
Here are some resources to help you get started:
- Common Questions From First-Time Homebuyers
- Free Mortgage Guide: Your Path to Homeownership
- Minster Bank Mortgage Calculator
- How to Estimate Your Mortgage Payment Using an Automatic Calculator
Let Minster Bank Help Welcome You Home
Want to see if you qualify for free money for your down payment? Look into the Welcome Home Program at Minster Bank >>