Loans for First-Time Homebuyers

How to Finance Your Miami Dream Home

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Thinking About Buying a House? Start Here.

You have a lot to consider when thinking about buying a house and probably have a lot of questions. This page goes over some general first-time homebuyer tips, addressing questions involving getting a home loan and what you should prioritize.

Point Mortgage is a mortgage lender based in Miami. If you would like to learn more about the types of home loans you qualify for, get in touch with us today!

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Point Mortgage Is Here to Help You Through the Process

Buying a new home is usually both exciting and overwhelming. Here is our five step process to give you a better idea of what to expect and the order of operations through the journey:

  1. Prepare Your Finances — Before even looking at homes, you should determine what you can realistically afford. Take account of your income, debt, and savings, then use our mortgage calculator to figure out the price range for homes in your budget.

  2. Prequalify for a Loan — Your next move is to get in touch with a mortgage lender, such as Point Mortgage of Miami, to discuss your loan options and current interest rates. We can provide you with a prequalification letter that indicates the maximum amount we can lend you for a mortgage based on your credit and financial history. Get prequalified today!

  3. Find a Realtor — A real estate agent can help you save time and energy, helping narrow down your options to homes that are appropriate for your financial criteria and preferences.

  4. Lock in Your Mortgage — With the help of your realtor you make an offer on the home you like then, when and if it is accepted, you usually have between 45 and 60 days to fulfill your side of the purchase contract to lock in interest rates and finalize the process. This can entail extensive documentation, particularly around the issue of assuring the lender you can handle the loan payments.

Prepare to Close — The mortgage is approved and you receive closing disclosure. Read this carefully then close on your home loan! Once you do this, the house is yours!

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Understanding Various Types of Mortgages

We go over the various types of loans on our loan options page. Here are some of the most common types of loans we can provide for first-time home buyers:

  • Fixed-Rate Mortgages — These are a type of conventional loan, meaning they aren’t insured or guaranteed by the government. They are by far the most popular type of mortgage, as the interest rates for it are fixed, helping to ensure a stable, affordable monthly payment schedule for the long term.

  • FHA Loans — These are loans backed by the Federal Housing Administration that require a lower down payment and less strict qualifications than a conventional loan. Down payments with an FHA loan can be as low as 3.5%.

  • VA Loans — The U.S. Department of Veterans Affairs (VA) guarantees VA loans. These loans provide veterans and their spouses mortgages with low or no down payment and low interest rates.

Learn About Other Types of Loan Options

First-time home buyers have access to many types of financial help to make buying a home easier. You may qualify for state- or federally-backed loan programs, or other types of favorable loans. If you are looking to buy a house in or around Miami, speak with a member of the Point Mortgage team to find out what types of loans you qualify for and get started down the road to homeownership today!

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