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Top 10 Things to Consider When Buying a Home

There have been a lot of changes in the loan and real estate industry over the last two years. A first-time home buyer should be aware of all these changes. We present to you an updated guide that will help you when buying a home. It has become easier to qualify for a mortgage because most lenders are accepting lower down payments and qualifying borrowers with a higher debt-income ratio. Mortgage rates are increasing and home prices are rising. This presentation provides valuable information about the 10 important things to consider when buying a home. To learn more, please visit: https://www.drewmortgage.com/things-first-time-home-buyers-need-to-know/

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Top 10 Things to Consider When Buying a Home

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  1. 10 Important Things to Consider When Buying a Home

  2. Introduction There have been a lot of changes in the loan and real estate industry over the last two years. A first-time home buyer should be aware of all these changes. We present to you an updated guide that will help you when buying a home. 2

  3. Below are 10 things a first-time home buyer should know 1. It’s easy to qualify for a loan Today, most lenders are accepting lower down payments and qualifying borrowers with a higher debt-income ratio. 2. Debt limits have gone up Last year, Fannie Mae stated that it would begin backing loans with borrowers. This will make loans easier to get, especially for borrowers with higher debt levels. 3

  4. Below are 10 things a first-time home buyer should know (contd.) 3. Home prices are rising gradually Last year, local real estate markets experienced a rise in home prices and those prices may continue to slowly rise. 4. Loan rates are expected to soar Last year, thirty-year loan rates were projected to rise in the second half of this year. House prices are also expected to go up. 4

  5. Below are 10 things a first-time home buyer should know (contd.) 5. You don’t need a down payment to buy a home. Today there are mortgage loan programs that require less of a down payment. The FHA loan program requires a lower investment. VA loans provide financing to qualified borrowers like military members and veterans. 6. Inventory is limited in many local housing markets. Low housing inventory was a trending story over the course of the past two years. This year we will see housing shortages in many cities nationwide. 5

  6. Below are 10 things a first-time home buyer should know (contd.) 7. FHA loans are more expensive. Last year, a reduction was seen in FHA mortgage insurance. However, HUD canceled this reduction. First-time buyers who use the FHA loan program will continue to pay higher mortgage insurance levels. 8. Many home loans require good credit. A report from Ellie Mae states that most closed home loans were issued to borrowers with credit scores of six-hundred or higher. A tiny number of purchase loans were offered to borrowers with credit scores in the five-hundred range. 6

  7. Below are 10 things a first-time home buyer should know (contd.) 9. It's important to have a real estate agent. Today, many local markets are facing inventory shortages, making it more difficult for first-time home buyers. It's important to seek professional guidance from an expert real estate agent. 10. We have a lot of knowledge to share with you! Over the past few years, we have been educating first time home buyers. Find out if you're eligible for the first time home buyers program in MA (Massachusetts). We offer loan advice to first time home buyers and will help you make an informed decision. 7

  8. Read more about : 10 Important Things to Consider When Buying a Home. Click Here. 8

  9. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 9

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