A Guide for First-Time Home Buyers

Purchasing your home as a first-time mortgage seeker seems like a great idea until the process comes in and you learn about the ins and out of mortgage loans in Minnesota. Inarguably, buying a home for the first time seems like a difficult task. Yet, the many things you would have to learn will be all worth it after you have signed on the dotted line.

To make things easier for first-time home buyers, here’s a checklist to help along the way.

  • Assess Your Financial Situation

Determine if you have the financial capability to purchase. Do you own a savings account that can afford at least your 3 months of living expenses? How much credit card debt do you have? Do you have enough money to pay for a down payment? Can you handle the closing costs, the mortgage rates, and some extra charges that are associated with a home purchase?

Although it makes sense to know how much you can afford, it is also important if you get completely pre-approved prior to searching for a home or making an offer. The majority of home sellers will not even consider an offer without pre-approval. That being said, avoids putting much of your time to a deal without any idea of what you can actually spend.

Summit Mortgage offers a no-obligation prequalification consultation to assist you in determining how much you can borrow. As soon as you become ready to move forward, we will inform you how you can line-up our financing in advance through our exclusive Summit Approval program. This will provide you with the peace of mind so that you can deal with more important things to do such as property-hunting.

As a direct lender, we offer you with choices, the convenience, and the control during the entire loan process. We have a complete set of lending products because we understand the significance of having the right loan for each situation. Call us and we will be glad to discuss our mortgage programs with you.