Great Resources for First-Time Homebuyers

Are you looking for a few great resources for first-time homebuyers? Here are a few places we recommend.

The Six Types of Home Mortgages

The first place we recommend is this article by Investopedia on the six types of mortgage loans. It gives an excellent high-level summary of your various options out there.

Just keep in mind that this article is very high-level and doesn’t offer you the kind of personalized advice that you’ll ultimately want. Buying a home is the most expensive purchase of your life – you want to make sure you do the right thing! We always recommend talking to a mortgage professional as early as possible.

But this post does give you an idea of what types of mortgages you may be eligible for to help your conversation with a mortgage professional go a bit faster.

The U.S. Department of Housing & Urban Development (HUD)

Another great resource for first-time homebuyers is HUD.gov. We aren’t pointing you to any particular state or program because we have website visitors from across the country who visit our page. However, we want to make sure you find programs relevant to where you live.

One thing about the real estate market is the various similarities and differences from state to state. For example, did you know that not all states require a lawyer to handle the closing? Or that every state has its own down payment assistance programs?

You may also find that your state has first-time homebuyer programs available.

Credit Reports are a Free Resource

Don’t get fooled by services that require you to pay for your credit report. Instead, you can access it once every 12 months from each credit reporting company. Credit reports are a great resource for the first-time homebuyer. Why is your credit report so important? According to ConsumerFinance.gov, your credit score is the #1 factor that lenders look at when determining the interest rate for your home mortgage. Your credit score is like your financial report card as an adult. It helps show lenders how well you manage your money. Your credit report is vital because it has the details that make up your credit score. Did you miss a few bill payments last year? They’ll be on your credit report. Did you take out a new student loan? That’s on there too. Maybe you signed up for a new credit card? That will also be on your credit report. The other reason to check your credit report – aside from the fact you may want to know what’s on there – is to look for fraudulent activity. For example, if someone opens a credit card in your name, that’s where you’ll see it. Where do you get your credit report? AnnualCreditReport.com is the best site to obtain a credit report.

Your Real Estate Team

Another resource we need to mention is your real estate team. Your real estate team is made up of everyone who assists you with buying the home:

  • Your Agent
  • Your Lender
  • Your Home Inspector
  • Your Lawyer at Closing

As you’re going through the first-time home buying process, ask as many questions as possible! Your team is there to support you every step of the way.

Our Mortgage Blog

Shameless plug here – we post several posts a month on our Mortgage Blog. We have articles on everything from different types of loans to how to improve your credit score. Some of the articles are meant to live forever and always make sense. While others, like our Expert Insights on the 2022 Housing Market post, are more tailored to the current real estate market.

Check it out!

Conclusion

We know that buying your first home can feel overwhelming at times. So let us do what we can to help. Email us at team@lisafleckteam.com or call us at (775)-688-9100. We’re here to give you the guidance you need and be a homebuyer resource that can provide you with the personalized, 1-on-1 help you need.