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Kaitlyn Davis Loan Officer

NMLS ID: 2023181

First-time home buying: Can you do it?

By: Movement Staff
January 16, 2018

The simple answer is yes, you can. And we're here to help you do it with ease. First things first: you need to figure out if you're mortgage ready. Let's address some of the basic things you need to get in order before you start the process.

Here's what you need to think about.

You're going to need some funds

No, we're not talking about using a credit card. Your down payment has to be in verified funds. The more funds you put toward your down payment usually results in lower monthly mortgage payments.

Verified funds |n.| A trackable form of payment”

First-time home buying: Can you do it?

Another reason for putting down more funds upfront is the possibility to forego purchasing mortgage insurance. It's one less expense to worry you. The minimum down payment to eliminate mortgage insurance is 20 percent.

Contact a loan officer

Now, it's time to contact a loan officer in your area. Remember that down payment? Figuring out how much you need for it is easier with the guidance of a loan officer. You may be able to find a great one here.

First-time home buying: Can you do it?

A loan officer will be able to help you calculate how much you can afford in a monthly payment and get you started on your home buying journey.

Your credit score is important

Your credit score plays hand-in-hand with buying a home. Your ability to control your debt shows you can handle a loan and that's what lenders are looking for the most.

First-time home buying: Can you do it?

One of the first financial aspects lenders such as Movement review is your credit score. Your credit score can help determine if you can afford a mortgage because it shows – to a degree – how responsible you are with money.

When it comes to planning and buying a home, patience is key. Understand that it is a process, but with the right guidance, it's a process you can enjoy.

Author: Movement Staff

The Market Update is a weekly commentary compiled by a group of Movement Mortgage capital markets analysts with decades of combined expertise in the financial field. Movement's staff helps take complicated economic topics and turn them into a useful, easy to understand analysis to help you make the best decisions for your financial future.

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