OKC Realtors: Tips for first time home buyers

OKC Realtors: Handy tips for the first time home buyer

Buying a home can be a lengthy process. Some even find it scary. It takes a large amount of money and resources to buy a home and getting a bad deal can leave you stuck in bad way for years, even decades. OKC Realtors has some tips for the first time home buyer to make sure you get the best deal possible.

Save for a down payment early: The common rule for a down payment on a house is 20%. But most lenders will let you buy a house with a down payment with a little as 3% down. But these smaller down payments often mean larger higher costs overall and having to buy private mortgage insurance. Start saving early so you can keep your options on the down payment open.

Check your Credit (But not too much): When your getting approved for a loan, your credit will be one of the key factors in determining if your approved or not. It also helps determine interest rates on these loans. So be sure to check it before applying for a loan. Dispute any errors in your credit report and see if you can raise your score by paying off outstanding debts. It’s important to not obsessively check your credit score though, as multiple checks can lower your credit score. Once or twice shouldn’t hurt though.

Pause any new Credit activity: Any time you open a new account, whether it be for a new car loan or a credit card, the lender will check your credit score. This can actually temporarily lower your credit score. So be sure to stop any new credit activity before you start looking for a house.

If your looking for a new home, let the experienced realtors at Metro First Realty, OKC Realtors, help you find the perfect home.

Mortgage- Piggy Bank- OKC Realtors

OKC Realtors Explain Bank Loans Vs. Mortgage Company Loans

OKC Realtors Discusses Mortgages

Our OKC realtors are required to know and understand a great deal about how homebuyers can obtain financing for a home loan.  We often have to help many homebuyers through the process of deciding which ways to obtain a loan is the best for them. Today, to help you determine which path might be best for you, our OKC realtors are going to explain a little about bank loans versus mortgage company loans.

1.) Bank Loans: This is a very common method for both OKC realtors used to working with banks and for many homebuyers. For many buyers, going the bank route could be the quickest and easiest option, because the bank you have your money with should already be pre-aware of your financial cash flow. In some cases, there are lower interest rates by working with a bank for your loan. Plus, if you have your banking account where you have your mortgage account it could make life a little simpler for you with options to set up automatic payments from one account to the other.

2.) Mortgage Company Loans: Our OKC realtors know that sometimes mortgage brokers will actually offer lower rates than the bank, but you have to check. Homeowners like to go to mortgage companies when they don’t want to go through a bank, or simply can’t get financing through the bank. Mortgage companies often have more options on the table for the “little guys”. It’s natural for the big bank mentality to scare some people so they turn to mortgage companies which are seemingly less bureaucratic.

Either way, the bottom line is that our OKC realtors believe that most investors with multiple home buying opportunities may be better off going the bank loan route, while single homeowners may be better off going the mortgage company route to obtain their loan. No matter which route you choose to go, don’t settle with just one opinion if you aren’t fully satisfied that they’re being as helpful as they could be.

If you have any questions about buying a home, Metro First Realty is here to help! Don’t hesitate to give our OKC realtors a call at 405-242-4004.