Home Buying Basics
- Posted By : Maria-John
- Posted Date : August 31, 2020
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First Time Home Buyers Guide? Are you thinking of purchasing your first home in the near future? Congratulations! Buying a home can be exciting and overwhelming, but we are here to guide you every step of the way. Here is helpful information for first time home buyers, and be sure to download our comprehensive Guide to the Mortgage Process. Renting Vs. Owning As one of the nation’s top mortgage companies, Fairway helps individuals and families achieve the American Dream of homeownership every day. Currently, in the northeast market, rents have been trending upward, making home ownership more affordable than renting for many. Home ownership also brings the added benefits of potential tax deductions, opportunity to build equity and stabilize your housing costs. Not sure if now is the time to purchase a home? Our Rent V. Own Mortgage Calculator can help you determine how much home you can afford. How to Know What You Can Afford? Use our mortgage calculators to get a sense of what you can afford. These will help you determine what your down payment and monthly mortgage payment should be. However, getting pre-approved (link to pre-approval page) is the most accurate way to determine your affordability. Pre-Approval Getting Pre-Approved is the process of determining how much money you will be eligible to borrow before you apply for a loan. You should obtain a pre-approval letter before beginning your home search in order to determine your mortgage qualification and address any credit issues before you find your dream home. Find a loan officer near you to get started, or click here to get pre-approved.