At Oval Group, we understand the emotions and challenges that come with being a first time homebuyer. With so much to learn and experience, we’re here to guide you through each step, ensuring you’re well-prepared for the exciting milestone of homeownership. Our goal is to help you make informed decisions with careful planning along the way.
Evaluate Your Finances: Review your income, savings, debts, and credit score. A higher credit score helps with more favorable mortgage lending terms.
Determine Affordability: Oval Group can provide you a mortgage estimation calculator or connect you directly to one of our banking partners.
Research Loan Types: There are a variety of products including but not limited to FHA loans, VA loans, USDA loans, and in some cases seller financing, each with different eligibility and down payment obligations. Our banking partners can help with identifying what solution may best fit your needs.
Get Pre-Approved: Once you have identified the loan type that best aligns with your situation, your lender will ask you for a variety of financial documents so that they can assess your credit and provide you a maximum loan amount. We always advise our clients to submit an offer with a pre-approval letter. It creates confidence and trust.
*Tip: If you are pre-approved for $400K and are making an offer on a property for $380K; you will want to submit a pre-approval letter that shows $380K, instead of your maximum loan amount, which in this case is $400K.
Government Assistance: There are programs offered on both the state and federal level that provide down payment assistance or desirable loan terms for first time home buyers.
Hire Professionals: During the traditional homebuying process, you will work with a real estate agent, mortgage lender, and attorney. Each professional has a different set of obligations to you.
Define Your Prerequisites: Identify your must-haves and nice-to-haves in a home.
Attend Open Houses and showings: Visit properties to get a feel for the market and refine your preferences.
Submit Offers: Work with your agent to craft competitive offers.
Negotiate Terms: Expect to negotiate on price, contingencies, and closing dates.
Home Inspection: All home buyers have the right to hire a professional to assess the property’s condition.
Secure Financing: Finalize your mortgage details with your lender and receive your letter of commitment (typically a week before closing).
Review Documents: Your attorney, agent, and lender will review all closing documents.
Sign and Transfer: Sign the necessary paperwork and receive the keys to your new home.
Your real estate journey begins with the right conversation. Submit your information and a representative from Oval Group will be in touch!