Raymond Woods discusses mortgage tips for first-time home buyers.
Listen to the interview on the Business Innovators Radio Network:
When it comes to mortgages, the process can be overwhelming for first-time home buyers. They must arm themselves with the right knowledge and information before diving in. Here are some tips that will help make their mortgage experience a smooth one:
1) Get pre-approved – Before they start searching for a home, it’s crucial to get pre-approved for a mortgage so they know exactly how much house they can afford. This process involves completing an application and providing financial documentation, such as proof of income, bank statements, tax returns, etc.
2) Shop around – It pays to shop around and compare various lenders when looking for the best mortgage rate. Different lenders can offer different rates and terms, so it’s best to take the time to compare offers to ensure they get the best deal.
3) Consider all costs – Mortgages come with many expenses beyond the principal and interest. It’s essential to make sure they factor in other costs, such as closing fees, title insurance, inspection fees, survey fees, etc., when budgeting for their new home purchase.
4) Save for a down payment – Lenders prefer that borrowers have at least 20% of their home’s purchase price saved up for a down payment since it shows that they are financially responsible. The more money homebuyers can put towards their down payment upfront, the less they’ll need to borrow from a lender, and the lower their total loan costs will be.
5) Talk to a professional – Raymond said: “It’s essential to reach out to a mortgage specialist or financial advisor if they have any questions throughout the process. They can help guide and provide valuable advice on how to make the most of their borrowing power. Following these tips can make it easier for first-time home buyers to navigate the confusing world of mortgages. With the right knowledge and preparation, obtaining a mortgage should be an exciting milestone instead of an intimidating challenge.”
Client Berenice from Aurora, CO, says: “Raymond was always keeping me updated since day one. He was also really good at explaining everything in great detail. I am a first-time buyer so being able to ask him questions throughout the process made it less stressful.”
About Raymond Woods –NMLS#1311969
Raymond Woods, a Colorado Native, is known as the “Yes Man” loan officer. His core belief is that everyone deserves a shot at the American Dream of homeownership. If you have the will, Raymond will help you find the way. He and his team specialize in creative financing and love working with first-time homebuyers. He’s an expert in down payment assistance programs and loves helping families close on their first home with very little cash out of pocket. He believes the path to wealth is through ownership, specifically real estate ownership. When Raymond isn’t working on loans, he enjoys playing hockey and spending time with his beautiful wife Leah, and three young boys. Give him a call today and let him impress you with his home finance knowledge.
Call Ray Today – 303.596.0046