Are you a first-time homebuyer in the Tampa, Florida area? Though ultimately buying your first home is exciting, the process can be daunting and confusing. Gathering information from the Trulia real estate guide for Tampa can give you a leg up on the process.
Even with the information available from Trulia all the process and requirements of home-buying can be overwhelming.
Rather than feeling intimidated by the financing, inspections, real estate agents, insurance and other things involved in buying a home it would be beneficial to take a class designed to help first-time homebuyers become more comfortable dealing with all the details of this major purchase.
The class can help you know how to be prepared. If you’ve never bought a house before a first-time homebuyer class can prepare you and help make the experience stress free.
When Should You Take a First-time Homebuyer Class?
Taking a First-time Homebuyer class should the very first step in the process. Before you even start looking for a home you need to prepare yourself with as much information as possible so you will know what to look for and what questions to ask.
These classes are beneficial to all homebuyers regardless of income and help people who have previously owned a home.
What You Should Know About Credit?
Determining what type of mortgage, you qualify for is largely dependent on your credit rating. This is a score you should be aware of anyway but especially when buying a home.
Do You Need A Real Estate Agent?
The services of a Real Estate Agent are free for the buyers. These agents work on commission paid by the sellers.
The important thing for the homebuyer is to be specific as possible when discussing what you want in a new home so no time is wasted looking at properties not in your price range or with the features you want.
Securing a Mortgage
In the first-time homebuyers class, you will learn getting a mortgage can be the most stressful part of home buying. You will learn the documents lenders will require such as check stubs for proof of income, documentation of expenses, and sometimes the source of your down payment.
Shopping around for a mortgage is perfectly acceptable because different lenders will have different programs. You need to find the program best for you.
Mortgage Loan Options
Navigating all the mortgage loans options available can be confusing but this class will help clear things up for you.
Adjustable Rate Mortgage or ARM gives you a lower fixed interest rate resulting in lower payments for the first several years, usually, 5, 7 or 10 years before refinancing or a balloon payment can be required.
If you have a lower credit score you may qualify for an FHA loan requiring a down payment of only 3.5%.
If you are a veteran or an active service member, along with your spouse you can finance up to the full amount of your loan and get lower closing costs with a VA Loan.
15 and 30-year fixed rate mortgages spread out your mortgage over a fixed period of time with an unchanging interest rate. The 30-year offers lower monthly payments while with the 15-year loan is paid off sooner and you pay less interest over the life of the loan.
Useful Read: 5 Things First-Time Home Buyers Should Ignore