Advice for First Time Home Buyers
Buying a home for the first time can be difficult and confusing. There are many aspects to consider when making this big decision. Luckily, Liberty Lending is there to offer advice on how to finance the perfect home.
Some of the first things to consider are the amount that the buyer needs to borrow but also keeping into account the amount they are actually able to borrow. These may not be the same amounts because it is determined by the buyer’s monthly income to see how much of a monthly payment they could afford. Many factors are taken into account such as credit score, income, debt, and employment history. These factors may have an impact on how much money a lender is willing to lend.
One of the first suggestions of advice that Liberty Lending has is to get a financial advisor to check all of the essential information and pre-qualify the buyer for a potential loan. The financial advisor should also be able to assist with getting an appraisal of the potential property. Another suggestion is to find an escrow/title company to handle the funding for the new home and make sure everything is signed and completed. Liberty Lending will be there along the way to give advice so that the buyer can focus on making the property their own.
Liberty Lending offers lending services for different types of home loans as well. First, they have the Missouri USDA loan which is also known as a Rural Development loan. This loan is meant for people that may be purchasing a home in a rural or suburban area. Another loan they offer is the St. Louis VA loan. This type is meant for veterans or active military that may need a little more assistance receiving financing. The FHA loan is popular amongst people who are purchasing a home for the first time because you do not have to put as much money down. Last, the conventional fixed rate mortgage loan is one of the most common. This loan type is meant to include low interest rates and can be for owner-occupied homes, as well as investment properties. As you can see, Liberty Lending has many services to offer to their clients, making them a flexible and convenient mortgage broker to consult with.