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 FBC 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 contact one of our sales counselors, Jessica or Holly.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.