First Home Purchase Mortgages

You're taking that first step to an improved lifestyle, along with the many financial considerations and potential advantages of home ownership.  You have decided it's time to stop renting and set roots, but how do you proceed?  The whole process of home ownership seems so overwhelming.  What is my first step?  How much of a down payment do I need?  Do I need to have perfect credit?  How long do I need to be on my job?

The good news is that your North Star advisor will explain clearly the answers to all of these questions as well as other important first-time issues such as budgeting for a down payment; understanding an appraisal, investment and market values for homes; the total costs of home ownership, including taxes and insurance; and the advantages of a Pre-Approval.

In addition to the dynamics of home purchase loans, our loan officers understand the importance of assisting first time buyers through the sometimes treacherous waters of buying their first home.  You can expect one of our professionals to ask you numerous questions including:

• How much cash do you have to work with?
• How long do you plan on staying in the property?
• Are there any credit issues we need to address?
• How long have you been on your job and what are your short and long-term employment objectives?
• What value range are you looking in and what associated payment amount are you looking for?
• How important are issues such as school districts, or easy thoroughfare access?

By asking numerous questions, we can often assist first time borrowers in helping them realize what key issues need to be addressed in order to simplify the process.  A highly-educated first time home shopper has a distinct advantage in searching for a new home.

Our loan officers can also explain to you the difference between terms such as "pre-qualification" and "pre-approval" and what merit each have in the presentation of your offer on your dream home.  North Star Home Lending's "pre-approved" buyers have a much better success rate in getting their offers accepted, have often paid less, negotiated better terms, and closed much faster than those buyers who have opted to not secure a "pre-approval."  Securing Pre-Approval through North Star Home Lending before making a purchase offer will often gain negotiating leverage over other potential buyers.

In certain situations, North Star Home Lending loan officers can even lock in your interest rate while shopping for that new home.  If you are a first time borrower, allow us to spend the necessary time with you to educate you in the process, answer your questions, and alleviate all of your concerns.  There is always a special feeling for us when we assist those who never anticipated fulfilling their dream.  Nothing beats seeing a new set of keys and an ear-to-ear smile.

For further information, please contact your North Star Home Lending professional.