Entering the Game
We absolutely love working with first time homebuyers because even though they typically have more questions, they are excited to get into the home ownership game! Their enthusiasm is absolutely contagious.
When trying to navigate the process alone, that enthusiasm can be squashed. Leaving the details to a broker just makes sense as you can rely on them to provide the detailed information you need to complete a successful application.
MyQ will walk you through every stage of the process and answer any questions that you might have about buying a home in general. You are never alone in this process.
Here are some frequently asked questions from first time homebuyers:
Q. How much do I really need to have for my down payment?
A. The larger the down payment you have available, the more attractive and stable you are to lenders. While I would say a minimum of 5% is needed to get into the game, you will be tested against a much more stringent set of rules than someone coming in with 20%. There are options for increasing your down payment that we can discuss.
Q. How much home can I really afford?
A. This is a trap that many new home buyers fall into. The bank says that they can afford X dollars a month, when that would leave homeowners “house broke.” MyQ will help you look at your entire financial picture and determine what you can ACTUALLY afford to allow you to live your life and make your payments comfortably for the duration of your mortgage.
Q. How long does the process take from start to finish?
A. That really depends on how organized you are at the start. If you have your ducks in a row, securing a mortgage can take days… but we recommend giving yourself time to make this important decision. We want to research multiple lenders, consider their offers, negotiate and then move forward. That takes time and allows the buyer to avoid making panic decisions.
If you have other questions, let’s talk. Make MyQ your mortgage partner today.