First Time Home Buyers

First Time Home Buyers.

Buying a home will be the largest purchase most people will ever make.  The entire process can be overwhelming and a bit scary for first time home buyers.

At The Jernigan Team Office we are here to help take a lot of the stress out of purchasing your house.  Follow these tips, and your family and realtor will thank you.

1.      Know Your Limits

Talk to us first.  The Jernigan Team Office wants to be your first and last step in the process of buying your home.  Approaching us first will let you set your limits and parameters for searching for your dream house.

If there is an issue with credit we can find it and get it worked on before you even talk to a realtor.  With some of the most up to date tools out there, we can stay on top of your credit to mold you into the perfect buyer.

When your credit is in good shape, we can get you pre-approved. A pre-approval is a very important step for first time home buyers.  It lets your perspective realtor know that you are serious about buying a home, and it gives you a range of what you can afford.  At the Jernigan Team Office we care about your time.  We don’t want you to waste it by looking at something that is outside your range.  We don’t want you falling in love with an unreachable house or settling for something well under your budget.

Once you get your pre approval it is a good time to start looking for a realtor.  While realtors aren’t required for getting your dream home, they make the process much easier.  Checking our Recommended Realtors section is a good place to begin your search for the perfect realtor for you.

2.      Know your Savings

Everyone thinks that saving money is incredibly important for first time home buyers.  In reality it very much is, but there is another side of that concept.  Closing costs, down payment, and two months of reserves are very important on the back side, but before that is another important step. 

Be mindful of your debts.  High debt to income ratios can make you unqualified, or limit what you can qualify for.  Having maxed out credit cards can even lower your credit scores which can make it hard to qualify in the first place.  Ideal buyers will have their debts controlled and the reserves ready.

3.      Know your Documentation

Once you get the pre-approval, when your ratios are good and your reserves are there, the next step will be back with us.  When we actually process the mortgage and check everything, we want to make sure that you, your income, and the house are all a perfect fit.

There will be some documents that we will need to begin the processing.  During the process we may need many explanations or clarifications on the things we find while processing.  That doesn’t mean that there are problems, we just have to be thorough.  A very important thing to remember is that you are the most important person to us while we’re working on your loan.  You’ll be the first to know when we need something or if something may not be perfect.  You’ll also be the first to know when you’re ready to close.

4.      Know your closing

The final step in the process is closing.  This will be where you go over the numbers one last time then you sign all the paperwork.  Most of these items will be things you’ve already read, went over, and signed in the processing step.  You will get the information on how to make your payments, and then it is time to finally move into your new home.

If you are ready to get this started give us a call at 256-760-1591 to get your pre-approval.  Remember, you start with the Jernigan Team and you stay with the Jernigan Team.

Take a look at some of the Loan Programs:

Conventional, FHA, VA, and USDA