Congratulations! Buying your first home is a major life milestone. You worked your tail off to save money and put yourself in a position to be a first time homeowner. As gratifying as this moment is in your life, it can also mean sleepless nights thanks to what can be a challenging home loan process. To help ease your mind, we recently spoke with Pam Davis, the Deputy Chief Lending Officer and Vice President of Retail Lending at Delta Community, to discuss tips, advice and the keys to navigating the complicated process.
Prepare Questions and Pre-Qualify
According to Pam, speaking with a trusted home loan specialist
is the first step to securing your home loan. Prepare questions for the specialist and organize your financial documents prior to your meeting. Be sure to pre-qualify for a loan before searching for a home and don’t forget to factor in closing costs and the down payment into your budget.
Pam believes exhausting your entire savings on a down payment is the wrong decision. Everyone needs to have a rainy-day fund, even if it means putting less down on your mortgage than you originally planned. Delta Community’s First-Time Home Buyer Program
is designed to help you avoid these mistakes.
Real Estate Agents Are Here to Help
In addition to Delta Community’s Home Loan Specialists
, real estate agents are a great resource to help you with questions on the home buying process.
When it comes to finding the right agent for your first home, you need to be on same page with him or her, says Pam. Hire someone who has your best interests at heart and is providing you with options that fit your wants and needs. The initial meeting with your agent is crucial. You should know the area where you hope to live as well as the size and price of the home you want to buy. If the agent is not providing you with what you need, don’t be afraid to end the relationship.
Low Interest Rates = A Great Time to Buy
Now is a great time to purchase your first home because of the low interest rates on loans. Delta Community is offering 97 percent financing with no private mortgage insurance. We have you covered for all your first-time home buying needs. Stop by to see us and happy home hunting!