Nations Choice Mortgage First Time Home Buyer Options

If you have reached that point in your life where you are yearning to buy a home of your own, you are one of so many people who are about to take that crucial step towards getting their first home. Buying a home is not an easy decision, not is it something to be taken lightly.

Before buying your first home, there are many considerations that need to be made. After all, a home is not something one can pick up off a store shelf and take home in a shopping bag. Buying a home is a commitment that could mean serious lifestyle changes and budgeting practices. Among the many considerations before buying your first home are:

Credit Rating

It may surprise you but your credit rating plays a crucial role in whether you will be able to buy your very first home or not. Banks and lenders are very wary of lending money to people who they deem to be high risk borrowers. Credit restrictions are tight and a good credit rating is a must if you want to be able to get a mortgage at good rates.

A credit rating or credit score is measured by numbers anywhere from 0 to 850. The higher your number or score, the better you are deemed at handling your finances. This means that the higher your score, the more likely you will get a mortgage and with good interest rates at that. Although getting a core of 850 is near impossible, there are ways you can surpass 800.

There are ways to maintain a good credit rating and one of them is to always pay bills on time and never financially overextend yourself. If there are times when you feel you may be late in paying the bills, make sure you call the creditor ahead of time and try to work things out beforehand. This increases the chance that they won’t report the late payment to credit agencies.


Should you believe that your credit score is good enough to get you a decent mortgage, the next thing you will need to consider is working out a budget. The ideal situation is that the cost of the monthly mortgage payments should not be more than your one week’s income.

Finding a Good Real Estate Agent

Finding a good real estate agent is important. You need to make sure that the agent has a good track record and has a good reputation. It will be a good idea to ask family and friends who have already bought their homes about who helped them out. Never sign a contract with a real estate agent for more than three months at a time because this will help you replace the agent if you are not satisfied with his or her service. It is also important not to be pushed into making a decision regarding the first home that has been shown to you. Remember that the agent earns 3% of the purchase price so it is best to make the agent earn it.

House Hunting

One of the biggest frustrations for people buying their first home is trying to find the perfect house. Most first time home buyers buy a house they decide they can live with and then build up equity on that home and then go searching for another home. Usually, it is the subsequent home that is their dream home. You need to be realistic and be ready to compromise.

However, if you happen to find your dream home right away, do not hesitate to consider making an offer for that home. If you decide to keep looking and then go back for that home that you like, you may be too late. You may be lucky enough to find your dream home right away or may need to compromise on a home that you can live with. Remember to endeavor to get as much information regarding the home that you find interesting before making an offer.

Making an Offer on a Home

After you have gone hunting for your home and are ready to make an offer on a home that you like, the real estate agent will prepare the paperwork, explain things to you and then ask for your signature. An offer will list the amount that you are willing to pay on the home, any contingencies you may have, and the time frame for an acceptance. The agent will then give the offer to the agent of the home owner.

Your offer may be countered, rejected or accepted. If the home owner counters, he or she will return your offer with a new asking price and maybe new contingencies too. Then it becomes your turn to counter, reject, or accept. When you are making an offer, do make the effort to understand that the home is very personal to the owner. Most people selling their homes list their homes at a price that is slightly above the price they expect to get because they are expecting that they may need to have the price come down. Making an offer that is too low just so you can hope to get away with it is considered rude. You need to think about how you would feel if you were the one selling your home.

Cost of Purchasing a Home

The next consideration you need to make is to accept that there is a lot more to buying a home. You will have what are termed as “closing costs”. Closing costs are fees associated with the processing of the transaction and facilitation of the mortgage loan. There are many variables involved in the calculation of closing costs and your real estate agent may be able to give you an approximation based on what is common in the area where you are.

Closing costs involve such items like appraisals, transfer fees, inspections, mortgage fees, financing points, attorney’s fees. In most cases, you will need to have to make a down payment. In general, the closing costs may be around 6% and 8% of the home’s purchase price. You may be able to qualify for financial assistance which may cover your closing costs depending on your financial circumstances.

Finding Financing

Financing for your first home will come in the form of a mortgage. Mortgages are usually 15, 20, 25 or 30 year loan agreements. When it comes to mortgages, there are usually two options: an FHA mortgage or a traditional mortgage.

Nations Choice Mortgage can help you with all your mortgage-related needs. We have a very dedicated team of professional mortgage professionals who are always ready to explain mortgage-related information to you in a language that is easily understood. If you are looking for lenders who can offer you good rates, you can be sure that Nations Choice Mortgage will do everything they can to make sure that they are able to offer you the best deal that you can afford.

You can feel free to contact Nations Choice Mortgage anytime with your queries and you can be sure to receive prompt and informative replies. Be it assistance regarding how to improve your credit score or comparing all the possible mortgage options that are available for you, Nations Choice Mortgage will be more than happy to serve you.


During the closing process, your lawyer needs to take care of some things like running a title search, filing for transfer taxes, ordering surveys, reviewing paperwork, and many others. Lawyers will ensure that there are no problems associated with the purchase of your first home. Closing normally takes six weeks if everything goes smoothly. Closing is also where money changes hands.

Buying a home can be less stressful if you have people who are ready to help you with your financing needs. Nations Choice Mortgage has home loan options that will help you decide whether variable loans or fixed rate loans are best for you. You will be given all possible information so that you can compare other loan options, interest rates, and points so that you can make an informed decision. After all, a mortgage is a very serious commitment.

Get Started:

The first steps to turning your dream to own your first home a reatlity are:
  • Complete our simple, secure online quick quote on the sidebar of this page
  • Receive a personalized instant quote from a licensed loan originator
  • Choose the loan that best fits your needs
  • Let us handle the loan process from start to finish until the day you get your keys
When you are truly ready to make your dream to sleep in your own home a reality, Nations Choice Mortgage can help you make sure you enjoy all the benefits of getting a home loan that truly fits your needs.

Contact Nations Choice Mortgage

Give us a call today at (888) 508-9955. You'll be happy you chose NationsChoice Mortgage.