If you're a first time homebuyer, then the process can seem overwhelming. This video series, presented by Chase Home Lending, translates relatable experiences into tips and tools that equip you for every step of your homebuying journey.
Buying a home is an exhilarating, exciting process even though there are many steps and factors to consider. Knowing what to expect, especially if you are a first-time buyer, will help you successfully navigate the journey to homeownership.
Four-dollar lattes can quickly add up. Get serious about reducing expenses on carry-out food, restaurant meals, entertainment and new clothes. Make a realistic budget of how much you can afford to spend on costs that add up, such as eating out or shopping.
Set up an automatic transfer to your savings account from each paycheck. You'll need money for your down payment, and you may be responsible for closing costs on the loan. In addition to your mortgage payment, there will always be unexpected expenses and maintenance costs that come with owning a home.
If you have missed payments or maxed out credit cards, consider delaying the purchase of a home until you improve your credit score so you can qualify for a lower interest rate.
Determine a price range that's realistic for you by getting prequalified for a mortgage.
Be honest with what is important to you. Is lack of public transportation a deal breaker? Do you want an older home to fix up or newer construction? Is the neighborhood walkable? Is the home energy-efficient?
Visit the neighborhood of your potential home at different times of the day to get a feel for what life is like there. Evaluate the condition of surrounding homes and access to your priorities, such as shopping, parks, schools or expressways.
Try out your potential commute on more than one weekday. The longer your commute, the less likely you are to engage in community events, go for a workout or cook at home after work.
Who's involved with home buying? Familiarize yourself with the key professionals involved in a real estate transaction.
The closing occurs when all contractual conditions have been met and financing is in place. You will review and sign papers and ownership of the property will be transferred to you. Once the meeting is complete, it's time to move into your new home.
Understanding the difference between types of houses can help you narrow down and inform your search. Learn more in this article.
Co-op vs condo: What’s the difference?
A multi-unit building can be a good place to call home, but is it a co-op or a condo? Learn the differences between a co-op vs condo and which you prefer.
What is a ranch-style house?
A ranch-style home offers an open floor plan and practical design. Learn about the pros and cons of buying a ranch-style house, and more.
Mountain homes: Pros and cons, types, and how to find one
Mountain homes offer rustic appeal and natural beauty. Learn about the different types of modern mountain homes, their pros and cons, and how to find one.
A preapproval is based on a review of income and asset information you provide, your credit report and an automated underwriting system review. The issuance of a preapproval letter is not a loan commitment or a guarantee for loan approval. We may offer a loan commitment after you submit an application and we perform a final underwriting review, including verification of any information provided, property valuation and, if applicable, investor approval, which may result in a change to the terms of your preapproval. Preapprovals are not available on all products and may expire after 90 days. Contact a Home Lending Advisor for details.
These articles are for educational purposes only and provide general mortgage information. Products, services, processes and lending criteria described in these articles may differ from those available through JPMorgan Chase Bank N.A. or any of its affiliates. The views expressed in this article do not reflect the official policy or position of (or endorsement by) JPMorgan Chase & Co. or its affiliates. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. For more information on available products and services, and to discuss your options, please contact a Chase Home Lending Advisor.
