First Time Home Buyers Tips

First Time Homebuyers

Welcome to Convenience.

Trying to find the right home loan can be difficult. Finding the right company to help you get your loan can be even more confusing. With literally thousands of lenders to choose from, borrowers can easily become overwhelmed. Village Mortgage Company is committed to help guide you through the application process.

It's easy to understand why many people are turning to Village Mortgage Company for their home loan needs in Connecticut, Massachusetts, and Rhode Island.

If you're considering purchasing your first home here are some steps to help you decide whether you're ready to take the leap.
If you're considering a home loan with Village Mortgage, know the mortgage process before you make the financial leap.

  • Analyze your budget and figure out how a house fits into it. Fannie Mae recommends that buyers spend no more than 28 percent of their income on housing costs.
  • Take advantage of Village Mortgage's mortgage calculators to compare multiple scenarios and get an idea of what your monthly mortgage payment would be if you bought today.
  • Calculate what your total monthly housing cost would be, including taxes and homeowners insurance. In some areas, what you'll pay for your taxes and insurance escrow can almost double your mortgage payment.
  • Find out how much you'll likely pay in closing costs. Closing costs include origination fees charged by the lender, taxes, title and settlement fees, and prepaid items like homeowners insurance or homeowners' association fees.
  • Make sure you completely understand the do's and don'ts of the mortgage process. Even the most logical of financial inconsistencies could make or break your home financing future.
  • Let us connect you with a realtor in your area. You can discuss the real estate climate and get advice about whether or not it would be advtangeous for you to buy now.

PREPARE FOR YOUR MORTGAGE PROCESS. If the number work for you, taking a few steps at the beginning of the homebuying process can save you time, money and aggravation.

  1. Check your credit
  2. Get preapproved
  3. Compile the necessary documentation
  4. Consider an FHA loan

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