4 Pieces of Advice for the First-Time Home Buyer

By BankSource on 8/31/2023

There’s a lot that goes into the home buying process. From the paperwork to the terminology to the (very large) decision of choosing your next home, it can be overwhelming for anyone. But it can especially be a lot for the first-time home buyer.

If you are stepping into the home buying world for the first-time, you aren’t alone! Our BOS lenders are here to help you every step of the way. From pre-approval to documentation to closing, they want to be there for you as you purchase your new home.

HomeKeyThumbnail BankSource.png

But don’t just take it from us: take it from them! Read their advice, written specially for the first-time home buyer.

It’s important for First Time Home Buyers to have a direct line to their loan officer. Being able to text or call someone’s cell phone for a quick response will help alleviate anxiety throughout the process. A lot tends to happen over the weekend, so that ability to reach someone when it’s important to you is critical.

Jorden Newcomer - Clayton, MO

NMLS #1079615

Check your Credit. Your credit score will impact how much money you can borrow and your interest rate. It will also determine what type of loan programs you may be eligible for.

Lisa Smith - Chatham, IL

NMLS #459233

TIP: There are loan programs available for first-time home buyers that make stepping into home ownership a little easier (did someone say “low down payments”?). Ask your lender what you may be eligible for!

Before you start searching for your dream home, its crucial to establish a budget. Consider your financial situation, including your income, savings, and monthly expenses. Get in contact with your mortgage lender and we can analyze how much you can comfortably afford for a mortgage payment. Remember, buying a home is a significant investment, so take your time and ask questions! With the proper preparation, research, and professional guidance, you will be well equipped to make informed decisions to find the right home for you.

Nicole Sawin-Willing - Quincy, IL

NMLS #10494698

Know where your credit score is and what is reporting on your credit report. This is the first step to being pre-approved so it is helpful for you to review it ahead of time so you can address any discrepancies, inaccuracies, or late pays.

Jessica Kessel - O'Fallon, MO

NMLS #2222576

In short: determine a budget, check your credit, and choose a trusted lender who will be there for you throughout the whole mortgage process.

Steps Home BS Thumbnail (1).png

Select a Category