Where to Start as a First-Time Homebuyer

Posted: 5/14/2020 | Read Time: 3min
Last Updated: 5/25/2021

Looking at houses online and attending open houses can be fun when you’re toying with the idea of buying a house. To make this window shopping an even better use of your time, you may want to know how much you can spend on your future home. Whether you’re buying a home when there is a buyer’s market or a seller’s market, understanding how your finances will fit into the equation will be a big determinant of your buying power. Key components in this equation are your loan options and the rate you can get for your mortgage.

In addition to explaining your loan options and the rate you can get, Wyndham Capital Mortgage’s team and online tools are ready to answer your questions and guide you through the mortgage process. Let’s go over some easy, first steps you can take to get started on the path to homeownership.

 

Pre-Approval Opens the Door to Loan Options

A good first step when starting the homebuying process is to apply for mortgage pre-approval. The amount you’re pre-approved for is based on your credit score, down payment, finances, and debt-to-income ratio. Getting pre-approved gives you a realistic figure of what you can expect your monthly payments to be, and your loan options. Wyndham Capital’s digital advantage makes it easy for you to upload your documents and get personalized loan options that can give you stronger buying power.

Your pre-approval also will educate you on your ability to secure a home loan, although it is not a guarantee. It will also answer many of the questions our loan specialists have before you even speak with them, saving you time and helping us get you into your new home quickly and efficiently.

If you aren’t ready to take this step and seek pre-approval, the Wyndham Capital homebuyer mortgage calculator can help you get an idea of what your monthly payments will be based upon the amount of the loan, interest rate, fees and term.

Mortgage Rates Vary Based on Finances and External Factors

It’s important to have a realistic view of what you can afford because the earlier you know, the sooner you can find a home that fits your dreams and your reality. Reaching out early to a mortgage loan expert is a great way to make sure you’re on the right track when you’re ready to buy your first home.

A mortgage rate is the percentage of interest charged to your loan, and it is determined by your credit score, loan product, down payment amount, and the economy. Government programs can help lower interest rates for first-time homebuyers, making it easier to purchase your first home.

Loan officers can answer any questions you have about your rate quote and where to go from there.

Curious about what your rate might be, but not ready to submit any paperwork? Wyndham Capital’s home mortgage rate quote tool takes the guesswork out of what your potential interest rate could be.

Loan officers are always available to answer any questions you have about your rate quote, what it means and where to go from there.

Experienced Team and Digital Tools Make Wyndham Capital Stand Out

Wyndham Capital’s experienced loan specialists and digitally advanced tools help make the mortgage process smooth for our clients by delivering exceptional experience with low, transparent rates, no hidden fees and top-notch customer service – all designed to save you time and money. Through our Priority Purchase Program you can expect an efficient and speedy process. We take pride in the fact that we have an up to 15%* faster close time compared to the industry average.

 

PRO-TIP:

“With our Priority Purchase Program, we help you get pre-approved fast so you can make a competitive offer. We back our mortgage loan purchase process with our $10,000 On-Time Closing Guarantee: if we don’t get you to the closing table on-time, you and the seller each get up to $5,000”

– Eric Meckler, Senior Mortgage Consultant, NMLS#1304190

 

So, even when you’re just starting the process, don’t forget to keep the goal in mind: closing day. We know how important it is to buyers and sellers, and for that reason we provide an extra incentive for us to make that deadline.

 

Interested in learning more about how Wyndham Capital can help you achieve your home lending goals?

 

 

*Advertised claim of up to 15% faster close time based on Wyndham Capital Mortgage data from November 2019 to February 2020 averaging speed to close times versus industry numbers, courtesy of Ellie Mae Origination Insight Report using data from November 2019 to February 2020.

For more information on our $10K on-time closing guarantee please visit https://www.wyndhamcapital.com/on-time-closing.


Eric’s extensive sales background allows him to put himself in the customer’s shoes and make the mortgage process fun, simple and stress free. It is his ultimate goal to help people achieve personal and financial goals they never dreamed possible. Outside of work, Eric enjoys spending time with his family and friends. He and his wife, Cory, welcomed their daughter Emerson into the world in 2020. Their chocolate Labrador, Remi, who is full of energy completes their family. Eric is an avid outdoorsman and enjoys fishing, boating, hunting and spending time in the Blue Ridge Mountains. Eric also enjoys traveling abroad, grilling on his Big Green Egg and following his favorite sports teams, the Cleveland Cavaliers and Carolina Panthers. Eric is a native of Chagrin Falls, Ohio.

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