Find your way home.
As a first-time home buyer, you have an exciting journey ahead. We know applying for your first mortgage loan and navigating a complex housing market can be daunting. At U.S. Bank, we want your first home purchase to be a rewarding experience and we're here to help first-time home buyers any way we can.
Your mortgage loan officer can answer any questions you may have along the way. In the meantime, here's some practical advice to get you started on the right path to buying your first home.
Plan your move
It's not uncommon to "qualify" for more mortgage than you may comfortably be able to afford — so it pays to borrow cautiously. Here's some simple advice with links to mortgage rates and easy-to-use mortgage calculators that will help you determine how much you could afford.
There's a right time to rent and a right time to buy. Find out whether you're ready for the journey to homeownership and your first mortgage with these clear pros and cons for renting vs. buying.
Both prequalification and pre-approval show you're a serious buyer — one gets you started and the other makes it official. It's important to understand when to do which.
A down payment demonstrates your commitment and a larger down payment could help you secure a better interest rate — which means you'll have lower monthly mortgage payments.
More about mortgages
Some home buyers get lower payments by paying a percentage of interest up front. This option, called "buying points," can lower your interest rate and monthly payments — but it may not be right for everyone.
The Annual Percentage Rate helps you compare payments and total cost between mortgage offers — it's just one of the many factors to consider when shopping for a mortgage loan.
Good payment habits and a good credit score can mean a lower mortgage rate — and if your credit score isn't what you want it to be, you can improve it over time.
Now is the time to get organized. As a home buyer you'll be required to prove things like how much you earn, where you've lived, monthly debts and account balances.
Ready to get started? See if you pre-qualify. It's fast and free, and it won't affect your credit score.
Close the deal
Making an offer on a house is a formal process, which is why it may be helpful to have a competent, experienced real estate agent on your side. Here are some tactics to discuss with your real estate agent.
"Closing" is the last step in the home-buying process. It's where all the parties get together to finalize the transaction by exchanging signatures, checks — and ultimately, house keys.
Need help? Call us at 877.303.1637 to talk to a mortgage loan officer today.