June is National Homeownership Month, a time to celebrate the many benefits of owning a home. National Homeownership Month was established in 2002 to observe the importance of homeownership as a cornerstone of the American Dream. Not only is owning a home a financial investment that allows families to begin building wealth, but homeownership also supports the economy and helps to strengthen entire communities.
At River City Mortgage, we’re proud to help Americans achieve the dream of homeownership every day. In recognition of National Homeownership Month, we’ve compiled this checklist to help first-time homebuyers start the purchasing process.
Check your credit score
Before getting pre-approved for a mortgage loan, take a careful look at your credit report. The higher your credit score, the lower your interest rate, which will help you save more money over the life of the loan. If you notice any errors or discrepancies in your credit report, contact the credit bureau to make corrections. And if your credit score isn’t perfect, don’t worry. You may qualify for an FHA loan, which is insured by the Federal Housing Administration and is intended to help buyers with less than stellar credit purchase a home.
Know how much home you can afford
It’s a good idea to get an estimate of how much you can afford to pay for your future home. You can use our online mortgage calculator to calculate your monthly mortgage payment and adjust for different terms and interest rates.
Next, you’ll need a pre-approval letter from a lender to show a realtor or sellers that you’re ready to make a legitimate offer on the home of your choice. At River City Mortgage, our pre-approval process is simple and easy. Our licensed loan originators will listen to your goals and situation to ensure the process is as seamless as possible from start to finish. We’ll help you fully understand how much you can afford for a down payment and monthly mortgage payments so you can find a home within a range that’s comfortable for you.
Explore your options
With your pre-approval letter in hand, you can start seriously looking for a home. Make a “wish list” of important factors for your future home including size, number of bedrooms and bathrooms, location, and type of neighborhood. Then, browse listings online and visit open houses to begin narrowing down your options. Our mortgage loan originators will help you qualify for a mortgage and close on time to ensure you don’t miss out on your perfect home.
At River City Mortgage, we’re passionate about helping people realize the dream of owning a home. That’s why we make it easier to find mortgage options for first-time homebuyers. Contact us today to learn more or get started online to receive a quick, free quote!