First Home. First Step.

We’re living with the first generation of Americans who now believe home ownership is outside their grasp. If that’s you, there’s hope. If you are currently employed with a regular paycheck and paying rent for your current housing, you have options.

No Down Payment

My mortgage lender friend here in central Arkansas, Patrick Dennis, with the Bank of Little Rock Mortgage, believes interest rates for mortgages will increase in the coming months. But, in recent months, he has told me about opportunities to buy with little to no down payment. A substantial down payment is one of the barriers folks usually have to buying a home. If you just don’t have a down payment, you need to explore these “zero down” mortgage opportunities.

Bad Credit

Another barrier is simply bad credit or just not great credit. Perhaps you had some problems that tapped your finances for a while or maybe you just made some bad financial decisions. Regardless, credit can be fixed more easily than we realize. Patrick says, come see him before you try to fix it for yourself. Frequently, folks start paying down debt or other things, just to find out, they could have fixed their credit more quickly and easily with focused direction.

Mortgage Pre-Qualification

So, my first suggestion is talk to Patrick Dennis at Bank of Little Rock Mortgage. He can direct you to the best mortgage for your financial situation, and he can help you improve your credit to prequalify for a mortgage. (If you have good credit and a nice down payment, reach out to Patrick for your mortgage as well. He has great mortgage terms for you, too.)  Patrick will help you get pre-qualified for a mortgage, with an acceptable price range for your finances.

Finding A Home

Shopping for a home is the fun part, so partner up with a real estate agent, who specializes in homes where you want to live. You can visit some open houses, and your realtor can give you some private showings. Once you find a home you love, work with your real estate agent to make an offer, contingent on obtaining mortgage financing. Even though you were pre-qualified, you will now need to be qualified to purchase this specific property. I’ll be glad to recommend a great real estate agent as well, just reach out to me here.

Obtaining a Mortgage

That’s when you revisit Patrick Dennis at Bank of Little Rock Mortgage. You’ll complete more paperwork, providing more details than previously. Patrick can process your mortgage qualification quickly, if you provide him with everything he requests immediately. Before you know it, you’ll be paying a mortgage instead of rent.

The first step is yours, so why not make this the year you buy your first home! If you already have your first home, we’d love to hear your story in the comments below.