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Top 5 Secrets To Buying A First Home


The Spire

The journey towards owning your first home can be challenging because you’re investing in a new environment that you’ve not had any experience in. Whether you want to buy a new home to settle with your family or you want an investment property to sell after some time, there are several things and processes that you should get right. Below are the top 5 secrets to buying a first home:

1. Start Saving in Advance
It’s essential to start saving in advance for your home. If you accumulate savings, you won’t face difficulty covering down payment, closing costs and other move-in expenses. If you choose to apply for a home loan in Arizona, you’ll be required to make a down payment depending on the kind of mortgage loan. This down payment usually goes to as little as 3% of the property cost. Arizona home loans also have closing costs that range between 2%-5%. If you start saving in advance, you won’t have a hard time paying for these costs and others like home inspection.


2. Build Your Credit

– Always pay your debts on time

– Regularly check for errors in your credit report

– Maintain low credit card balances

– Pay your debts before the maturity date

– Maintain current credit cards open


3. Compare Mortgage Options
There are many types of Arizona home loans that have different eligibility requirements. Comparing these mortgage options can help you lower your overall homeownership costs. Some of the common mortgage options in Arizona are conventional loans, VA loans, FHA loans, and USDA loans. Choose a favourable mortgage option, and you’ll be good to go.


4. Compare Mortgage Rates
Arizona home mortgage rates vary from one lender to another. It’s essential to request loan estimates from different lenders and check their interest rates. This will help you get the best deal and thus save money that you would have lost if you didn’t compare the costs.


5. Find a Good Real Estate Agent
A real estate agent plays a significant role in the home buying process. The agent will assist you in negotiation and provide you with real estate knowledge and tricks to make a sound decision since they’re experienced in the field.

You should also pick a home in the right neighbourhood where there’s access to all amenities you need.

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.