So you're ready to turn your dream of buying your first home into a reality. Buying your first home can be one of the most exciting times in your life. But like anything, just wanting it isn't enough--you have to put in the work.
You've checked your credit score, have your down payment ready, researched everything, and you're prepared to take on common first time home buyer expenses - way to go! So, what exactly are your next steps to turn your dream of buying your first home into a reality?
Your first major step to buying a home for the first time is to let sellers know you're a serious buyer. You can accomplish this by reaching out to your chosen mortgage company and begin the pre-approval process. Your loan officer will review your finances (income, debt assets, credit history) and determine how much money and what mortgage rate you can expect to get approval. Wyndham Capital proudly offers the most competitive home loan rates available.
Typically, one of the most tedious parts of the home buying experience is the extensive paperwork needed for pre-approval. When you work with a digital lender like Wyndham Capital, industry-leading AI technology does much of the work for you. Additionally, Wyndham Capital's Priority Purchase mortgage pre-approval program goes beyond the basic credit check to give you extra buying power with a professionally underwritten, automated pre-approval letter.
On Your Mark, Get Set, Search!
Upon a successful pre-approval, your lender will give you the green light to start home hunting. At this point, you'll want to recruit a realtor if you plan to use one. When you work with Wyndham Capital you'll get exclusive access to MLS (multiple listing search), the same database used by realtors and real estate professionals to find available homes the moment they hit the market. You'll also have access to the HomeScout app where you can find a realtor, schedule home tours and perform other functions that will put you ahead of the curve and on your way to quickly finding your first home.
Make An Offer
Time is of the essence when it comes to making an offer. Once you find the perfect first home, you'll need to move quickly if you want to be considered. Your real estate agent will be pivotal in creating an appealing offer letter to the seller. Wyndham Capital helps you boost your competitive edge with property-specific offer letters available instantly on your mobile device the moment you realize you've found the perfect home.
Once your offer is accepted, your next step should be a home inspection. The home inspector will search every nook and cranny and provide you with a detailed report of anything and everything that is of concern, like a bad roof, electrical issues, foundation problems and more. Home inspections are necessary because they indicate both the minor and major factors that help you decide if the home is a good fit for you and whether or not the condition of the property meets the requirements set out by your loan type.
Your home inspection went great. Now you're ready to start finalizing paperwork and be on your way to closing on your first home. Way to go! This period between home inspection and closing is typically where you'll finalize the paperwork, provide any additional financial information your lender needs or get an appraisal.
Fun Fact: As a digital lender, Wyndham Capital Mortgage can process menial paperwork much quicker than traditional lenders, helping make your dream of buying your first home into a reality - in record time.
It's closing day! All of your planning, saving and hard work has paid off. You're ready to sign on the dotted line, get the keys to your new home, and bear your new title of "homeowner." Traditionally for closing, you'll spend a few hours at an attorney's, registry of deeds' or realtor's office to review and sign the final paperwork and pay closing costs.
Wyndham Capital Mortgage modernized the closing process by offering virtual closings, granting borrowers the ability to begin the closing process anywhere, anytime, and never any hidden lender fees. Through the use of our award-winning robotics, we're able to cut overall loan processing times down to beat the industry average by 60 percent, offering our borrowers the ultimate modern mortgage experience.
When you're ready to buy your first home, we urge you to do your homework and ensure your ducks are in a row. If you're ready to find out what buying a home with a modern mortgage is all about, Wyndham Capital Mortgage home loan specialists are here to talk.
Interested in learning more about how Wyndham Capital can help you achieve your home lending goals?