First Time Homebuyer Tips


Congratulations on making the decision to become a homeowner. Although this is an exciting time, it can be overwhelming trying to figure out how you get started. As your Alameda mortgage lender, our team at EstaR Mortgage understands that as a first time home-buyer, there may be a few things you are unaware when starting the mortgage process. To help you get started, our team of experts has created a list of three helpful tips for a first time home-buyer in Alameda.


  1. Get Your Finances In Order:

Your income and credit score largely determine what kind of rates you will receive on your first mortgage. Make sure you are familiar with your record and get your finances in order so you are more prepared when filling out your mortgage application. In addition, reviewing your financial record in advance can give you time to fix any blemishes that may appear on your record.


  1. Start Saving Ahead Of Time:

Many first time buyers are unknowledgeable on the added costs associated with buying a home. It is far more than just paying the home’s purchase price, therefore, it is important that you start saving ahead of time. When you buy a home, one of the extra costs you will need to pay is a down payment, which is generally around 20% of the purchase price. This payment can affect your interest rates, so the more money you have saved, the cheaper your monthly payments could be.


  1. Get Pre-Approved:

Getting pre-approved for a mortgage can save you time and money when going through the mortgage process. When getting pre-approved, your Alameda mortgage lender will go through your financial documentation, and let you know how much they are willing to lend you. Knowing your affordability can save you time when searching the housing market, so you avoid viewing homes that are not in your budget. Pre-approval can also save you money by giving you more credibility with sellers so they will be more willing to negotiate for a better deal.


Buying a home is an exciting time, but it can also be stressful as a first time homebuyer in Alameda. If you follow our three step tips to help you get started, this can alleviate the stress and help speed up the application process.


For more information or to get started on your application today, please contact the EstaR Mortgage team at 510-463-1003.


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