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Buying a home offers more stability in monthly housing expenses and provides a sound foundation for financial security. However, most first-time buyers need financing help to leave renting behind and become a homeowner! 

It’s important to find a mortgage lender you can trust. Finding the right home loan company is not just about the interest rate but also how much a lender can help you through the process. Different lenders can help a first-time homebuyer, ranging from your personal bank to a broker. Fortunately, we have a few tips to help you make the best choice when faced with home financing options!

Make Sure Your Credit Is in Good Shape

One of the first things lenders consider during the pre-approval process is your credit score. Lenders use this score to qualify you for borrowing and determine if you are “creditworthy.”

As you start the search for the right mortgage option in Atlanta, GA, check your credit score. If it’s low, many real estate experts will encourage you to improve it before going through the application process. Better credit scores can lower your interest rates and give you better financing options. Pay off credit card balances and car loans, make payments on time, and avoid applying for more credit. 

Understand Your Lending Options

Several different types of mortgage lenders are available to help a first-time homebuyer. Conventional banks that provide checking and savings accounts also offer home loans. In addition, credit unions provide home loans to eligible members.

FHA Loan Federal Housing Administration Lending Concept

If banks aren’t offering the financing you need, consider a company that only offers mortgage loans. Mortgage brokers work with multiple lenders to find loan options that best fit your needs when searching for the right homes for sale. They also help you through the lending process to help you gather documents needed for financing approvals. Working with a mortgage broker can also be a great way to understand the differences between conventional loans vs. USDA loans or a VA loan and FHA loans. 

Apply for Pre-Approval

Before you start the formal and time-consuming loan process, you can ask mortgage lenders to provide you with pre-approval to give you a sense of how much money you will be able to borrow. This helps when you begin searching for your home because it shows sellers you are serious. It also helps you identify which mortgage lenders can offer the best loan options.

To finance GA real estate, lenders will need basic information to process a pre-approval, including proof of your assets, income, credit history, and employment status.

Compare Mortage Lender Rates and Fees

While the first lender that comes back with some numbers could seem like a good idea, it’s always a good idea to compare rates and fees. Choose a few lenders or brokers and compare the interest rates and fees proposed by each to determine which one offers the best deal.

First, you will want to consider the interest rate they offer. Although mortgage interest rates can change daily, you should be able to get a pretty good idea of who offers the best rates, then lock in that rate for a period of time. You can also ask how much they charge in fees that may lower your interest rate, known as points.

Second, ask lenders to itemize the various fees they charge. There are many costs associated with mortgages, and you may be able to negotiate some of the fees.

Ask Plenty of Questions

As you consider mortgage lenders and look at potential GA homes, don't be shy about asking questions. It's essential to understand the process and how your mortgage lender can help you with the right loan for your needs. 

Make sure to ask each lender the same questions so you can compare the answers, including how long the loan approval process takes, who the primary contact throughout the process will be, how much of the process must occur in person, and how long the interest rate can be locked. In addition, ask mortgage brokers how many lenders they request quotes from, why they chose the lender they offer you, and who pays the broker's fees and commissions.

Seek Recommendations from Others

With such an important life decision on the line, you want to get as much advice as you can when selecting a mortgage lender. Ask your friends, family, and even your Atlanta real estate agent for recommendations. Talk with them about what they liked about the lenders they recommend and why they think you will benefit from their services. 

MORTGAGE word concept on wodden blocks, business concept

It can also be helpful to ask about any mistakes they may have made choosing a lender for their homes and why they would not recommend them.

Find the Best Mortgage Options When Buying Atlanta Real Estate

If you’ve rented for a while and you're ready to become a first-time homebuyer, choosing the right mortgage lender is important. Renters ready to become homeowners need the best advice they can get when taking this big step! In many cases, new buyers find and buy Atlanta homes with a lower monthly payment than their monthly rent—with the right help from an experienced mortgage lender. 

Our team is here to help you work through the process of leaving your lease behind and buying a house! Contact Revolution Rental Management today to discuss how we can guide you through making the move into homeownership.

Learn more about leaving renting behind! Download a free copy of “The Complete Home Buying Guide for Current Renters."

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