Purchasing your first home will be one of the most exciting times of your life. It will most likely be the largest investment that you ever make. It is where you will entertain friends and family, and it is where you will go to rest and relax each evening. With so much at stake, it is easy to see why most people are nervous throughout the process.

While purchasing a home can be a little nerve wracking, it is also worth the trouble. In an effort to reduce the stress associated with purchasing your first home, we have gathered top advice from seven leading mortgage professionals.

Top Tips For First-Time Home Buyers

1. Scott Schubert (NMLS #523812): “It is advisable that as soon as you decide to purchase a home you meet with a mortgage professional to create a game plan. It can be one year or one month out from the actual purchase time, but it is still important. A lot of times potential buyers have one financial plan in order, such as paying down debt, when they really need to be saving for a down payment. Working with a mortgage professional first will help them to discover the best way to get approved for a loan.”

2.Wade Byers (NMLS #197143): “You need to make a realistic budget before looking for a home. Decide what you are comfortable with paying each month on a loan and stick to your budget. In reality, I can most likely get you qualified for a higher loan amount, allowing you to purchase a larger home. However, this is not necessarily in your best interest. Stick to a budget and I will work with you to discover what price range of home will meet these guidelines.”

3. Scott Wallace Layden (NMLS #164302): “ Make sure that you use professional and trustworthy realtor to protect your interests during the entire sale process. This same thought process should be applied to your mortgage professional as well.”

4. Melody Kennedy (NMLS #448262): “Always work with a realtor and mortgage professional that will explain everything to you in great detail. First-time home buyers are often unfamiliar with specific terms and processes and this can lead to disappointment and confusion.”

5. Valerie Barnett Springer (NMLS #198479): “Talk to your mortgage professional about interest rates and what makes them change. If they cannot give you a logical answer, move on to another mortgage professional. You cannot expect this person to provide you with the best interest rates if they do not understand how they work.”

6. Chris Young (NMLS #111276): “Most first-time home buyers were previous renters. They are unaware of tax deductions that are offered to home owners. There are many ways that home ownership can reduce your tax burden. By using the tax calculators on the IRS website to determine your tax burden, you can adjust your withholding tax to allow you to bring home more money each week to offset new home expenses while not having to worry about paying extra at the end of the year.”

7. Stacey Jordan (NMLS #23542): “ Your credit, income, assets and employment history is very critical to the approval process for a mortgage. However, communication with your mortgage professional is also very important. By working openly with your mortgage professional, you will ensure that you find the loan that fits your needs.”

These tips should help when considering to purchase your first home. If you need more help and would like to get started, contact us today.