First Time Home Buyers
What is the minimum amount of money needed to buy real estate ?
In most situations, you only require 5% of the purchase price as your down payment. In some instances, you may qualify to purchase a home with no money down! At Advent Mortgage Services, we are committed to providing our customers with the creative resources in order to obtain the financing they desire.
Several factors are involved in determining your purchase potential or how much you qualify for. To get a fast and accurate estimate please contact one of our consultants @ 1.866.503.2505 or us at email@example.com.
Institutions have developed a product called the "Cash back Mortgage" so a buyer with the down payment but no cash to cover closing costs can still purchase a home. As long as you have the minimum down payment required, institutions are now giving you a cash reward to assist you in paying for your closing costs. You can also use this money to purchase furniture or appliances.
Should you get a pre-approved mortgage?
Definitely. Obtaining a mortgage pre-approval is an important initial step in securing a mortgage to buy a home. The lenders will analyze your current income, debt situation and credit history in order to qualify you for a maximum loan amount. This will give you a clear picture of your financial parameters and an idea of your purchase price range. More importantly, with a pre-approval, we can hold your interest rate for up to 120 days. So, if rates go up from now until you buy a property, you are protected.
Obtain a pre-approved mortgage. There are three people who will benefit from your pre-approval: YOU, YOUR AGENT, and THE SELLER OF THE PROPERTY YOU WANT TO BUY. Do you want to strengthen your bargaining position with the seller? Get pre-approved ! Do you want your offer to stand out in a case of multiple offers for the same house ? Get pre-approved ! Do you need help with a down payment due to low credit scores ? We've got down payment assistance programs and everyone qualifies ! Look at it from the seller's perspective. If you had 2 offers on the table for your property, one from a fully approved buyer and the other from a buyer that hasn't made any effort to get pre-approved, which offer would you devote the most attention?
The term of your mortgage should be determined by your comfort level of making the payments. When you are pre-approved for a mortgage, your mortgage professional will discuss loan terms based on your qualifications.
Secure yourself the best mortgage possible, contact Jim Tourloukis @ 905-475-2505 today!