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First Time Home Buyer

It is a dream for many to own their own home, however when that time comes, many are overwhelmed by the process. Others are unsure if they are even ready to make the move from renting to buying. At MBA Mortgage, we are here to answer any questions first time home buyers may have and help them through this important time in their lives.

So, where do you start? The first step is making sure you are in fact ready to make the leap from renting to buying. If you are ready to settle down in one place for a while, have a stable job, reliable income, and manageable debts, buying a home may be a good choice for you. If you are unsure about these things, renting offers flexibility should you be faced with unexpected changes.

Once you have decided on buying, one of the first things you will want to review is your budget to determine how much house you can afford. A standard rule is that your housing payment should not exceed 28 percent of your income. This is referred to as the housing or front-end ratio. Your monthly housing payment is comprised of principle, interest, taxes, and insurance. This ratio is just a rule of thumb and affordability will vary depending on each individual’s unique situation.

Preparation can be key to keeping your monthly payment low or allowing you to afford a nicer home. Maximizing your credit score can save you significant amounts of money through a lower interest rate. Saving money to make a larger down payment and to pay for closing costs up-front can lower your monthly payment as well as help you to avoid Private Mortgage Insurance (PMI).

Once you have properly planned and are confident you are ready to purchase your first home, it is time to look into getting pre-approved. This is the point at which you will complete a formal loan application and provide documentation such as pay stubs, W-2 forms, bank statements, and credit and debt information. Once this information has been thoroughly reviewed, you will be provided with a commitment for an exact loan amount and you can begin the search for your first home!

A pre-approval allows you to expedite the buying process once you have found the home you want to purchase. You do not have to wait for your financial history to be reviewed. This added time can cause a seller to accept an offer from someone who has already taken the time to get pre-approved.

MBA Mortgage has been making the dream of home ownership a reality for families throughout Texas for many years. If there are any questions you have about purchasing your first home, contact us today and one of our experts will be glad to help!

What our clients say

If you care about honesty, expertise and professional guidance then, MBA Mortgage, is the top firm in Laredo for you. Since I have met Gino I have co...
Angela Lutz over at MBA Mortgage is prompt, secure and uncanny in her ability to save you money. We did extensive research both locally & online to se...
I have used Angela's services three times now over the past few years. Our mortgage experiences have been quick and painless. Angela provides very per...
Angela Lutz is all of the above and more. She made my whole process so smooth . I couldnt believe how easy it was because Angela Lutz is very knowledg...
Angela assist my family and I, in purchasing our dream home sometime in 2011. Working with Angela and her company was a pleasure, she is a true profes...
Angie is wonderful, she has financed 2 houses for our family and I highly recommend her. She is very knowledgeable and is willing to walk you step by ...

The staff at MBA were very professional and made my refinance a quick and painless experience. I highly recommend them!

Working with Gino Lutz from MBA Mortgage (DBA Commonwealth Mortgage of Texas, LP) has been one of the best experiences for my boyfriend and myself ...

I met Gino back in 2010 while I was in the market for my very first home. I was young, oblivious to all things real estate, and with a rather less...

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