If you’re diving into homeownership for the first time, don’t panic. This is an exciting (albeit stressful) time, and there’s a lot to consider. To help, SunTrust offers the following tips when considering a first-time home purchase:
Understand Your Initial Expenses. The down payment and closing costs can really add up, but don’t forget to budget for moving expenses. These include everything from truck rental to setting up water, power, cable, internet and more.
Organize Your Finances. While there are different types of loans for different needs, your finances will be thoroughly evaluated during the credit application. Make sure they are organized so you can better retrieve them throughout the application process.
Get Pre-Qualified. Lenders can use your income and credit history to give you an estimate of the home loan amount for which you qualify. The pre-qualification amount can be a helpful guideline when you are considering which properties to purchase.
Create a Realistic Timeline. Even with a pre-qualification, loans can take weeks to be finalized. Work with a loan officer to decide the best type of loan for your situation and make sure your loan will be ready in advance of your closing.