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First-Time Home Buyer Help

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Buying your first home is exciting. But applying for your first mortgage loan can feel like a complicated process.

The Jagoe Homes team is here to answer your questions – and our American Mortgage lenders will guide you every step of the way, from pre-approval to finding the mortgage that’s right for you.

In this section you’ll find basic questions and answers that every first-time homebuyer needs to know. If you have other questions or concerns, feel free to chat with Jennifer on our website or to contact a Jagoe New Homes Consultant.

The Basics

How much house can I afford?

You could qualify for a home loan that is actually higher than you can comfortably afford, so borrow cautiously.

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What are the up-front costs when I buy a home?

Some of the costs associated with buying a home show up before you start making regular mortgage payments. These include:

  • Mortgage application fees
  • Earnest money
  • Down payment
  • Mortgage points
  • Closing costs

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Is it better to buy or to rent?

For everyone there is a time to buy and a time to rent. And while owning a home is often less expensive than renting, there are pros and cons to each. Learn more here.

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What are the different types of mortgage loans?

How do I know what’s right for me?

Here is some information to consider when preparing to buy your first home.

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What is a mortgage APR?

Annual Percentage Rate (APR) is the amount of interest on your total loan amount that you will pay annually (averaged over the full term of the loan). A lower APR translates to lower monthly payments. (You’ll see APR alongside interest rates in today’s mortgage rates.

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What is the Difference Between Prequalification and Pre-approval?

Both pre-qualification and pre-approval show you are a serious buyer. One gets you started on the process, and the other makes it official.

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How do I make an offer on a house?

Making an offer on a house is a formal process. That is why it can be very helpful to have a competent, experienced real estate agent working with you. Here are some tactics to discuss with your real estate agent.

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How much down payment should I plan on a new house?

A down payment demonstrates your commitment to buy. In addition, a larger down payment can help you secure a better interest rate – which means you’ll have lower monthly mortgage payments.

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What documents will I need to apply for a mortgage loan?

To apply for a mortgage loan you’ll need documents that prove how much you earn, where you have lived, monthly debts and account balances.

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What takes place at the mortgage closing?

The closing is the last step in the home-buying process. This is when all the parties get together to finalize the transaction by exchanging signatures, checks — and ultimately, house keys.

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