{"id":6378,"date":"2022-09-12T11:44:41","date_gmt":"2022-09-12T16:44:41","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=6378"},"modified":"2022-09-13T09:49:00","modified_gmt":"2022-09-13T14:49:00","slug":"getting-it-right-the-first-time-simple-steps-for-first-time-homebuyers","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/getting-it-right-the-first-time-simple-steps-for-first-time-homebuyers","title":{"rendered":"Getting it right the first time: simple steps for first-time homebuyers"},"content":{"rendered":"\n

When the only certainty is uncertainty, simple rules can help<\/h2>\n\n\n\n

Buying a home for the first time can be scary, but it\u2019s especially true in today\u2019s market. Rates are at a relative high<\/a> and home sales are on the decline. Uncertainty remains around inflation. It\u2019s understandable that you might be second-guessing yourself right about now.<\/p>\n\n\n\n

While the current market conditions might actually provide a good opportunity to buy for some<\/a>, no one can truly predict what will happen next. But no matter what shape the landscape takes, there are a few guiding principles for first-time homebuyers that hold up in any market conditions: <\/p>\n\n\n\n

1. Get to know your finances first.<\/strong> Sounds obvious, but this goes beyond knowing total monthly expenses, credit score and even DTI. We\u2019re talking about a true deep-dive into your overall financial profile<\/a>. This level of analysis  goes beyond knowing your total monthly expenses, credit score and DTI. You\u2019ll also want to think about the less-tangible aspects of your life \u2013 what your desired lifestyle could cost in ten years, for example \u2013 and factor those into your budget, too.<\/p>\n\n\n\n

2. You don\u2019t have to put 20% down. <\/strong>This may come as a relief to buyers struggling to grow their savings amid record-high inflation. Explore your eligibility for an FHA loan<\/a>, Fannie Mae\u2019s HomeReady program<\/a> and down payment assistance<\/a>. Many home-financing solutions don\u2019t require as large of a down payment, and some don\u2019t require any at all. <\/p>\n\n\n\n

3. Shop around for a mortgage. <\/strong>Sure, we may be a little biased given Morty\u2019s marketplace model<\/a>. But comparing quotes from multiple lenders is a smart choice for any buyer. As tempting as it is to go with the first lender your realtor suggests, don\u2019t overlook the potential for more savings. Even fractions of a percentage point can add up to thousands over the life of your loan. <\/p>\n\n\n\n

Be sure to check out some of the articles below for more tips and advice for first-time buyers.

– Robert Heck, Vice President of Mortgage @ Morty<\/a><\/p>\n\n\n\n

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Ready to move forward?<\/p>\n\n\n\n

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get pre-approved in minutes<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n

Recommended reads for first-time buyers<\/h2>\n\n\n\n
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Should You Buy a Home in 2022? Here’s What You Need to Know<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n
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How to negotiate with a lender for the best mortgage for you<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n
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How Much Increasing Mortgage Rates Impact Your Monthly Payments and Eligibility<\/a><\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n

In case you missed it\u2026<\/h2>\n\n\n\n