7 Tips for the First Time Buyer

Jamie Ayala

Jamie Ayala

Jamie Ayala has been working as a Loan Processor at Rock Mortgage for more than 4 years. As a knowledgeable account executive he has had many years of customer service experience in the loan, information technology, and political industries. Recognized for demonstrating a natural aptitude for working with cross-functional teams, as well as for meeting deadlines and validating loan documents, Jamie has a verifyable history of consistently exceeded sales and performance goals. His professional focal points include loan processing, client negotiations, team collaboration, and project management.
  1. Know your Credit Score!
    • Credit Scores dictate which program you qualify for
    • High Credit, Lower Rate
    • Low Credit, Higher Rate
    • Higher Credit, Lower Mortgage Insurance
  2. Get a Home Inspection by a Third Party!
    • By knowing issues with the home that you are interested early into the process you can save yourself time and money!
  3. Don’t apply for new lines of Credit when looking to Purchase a Home!
    • Believe it or not buying that new car could hurt your ability to buy that new home! You see, one of the ways that a person qualifies for a home is by having a debt to income ratio that can fit a new home and still maintain a qualifying ratio. Just wait it’ll be worth it!
  4. What are you comfortable with in a Monthly Payment?
    • Form a budget for yourself to decide how much of a monthly payment is realistic for you. Mortgage Companies are able to use gross income to qualify you for your home but you don’t take home gross pay!
  5. Be Financially ready for your Down Payment
    • There are very few loan types that will allow you to do 100% Financing and even then, you have closing cost. Think, am I putting 3%, 5%, 10%, more? Plan your down payment! Getting with your Mortgage Company ahead of time can help you figure out what you need and develop a time frame for your purchase!
  6. Shop smart!
    • There are a few things that you can do to have a great home with a low monthly payment!
    • Choice the right home warranty company
    • Shop for good but cheap Home Owners Insurance!
    • Picking an established home can immediately save you money on property taxes!
    • Choose the correct loan type. This has a direct correlation to your interest rate and monthly payment!
  7. How long will you be in this home?

The average first time buyer occupies in their first home between 5 and 7 years. By knowing how long you will be in your new home you can make the choice of which loan program to go with much easier!