After spending five years pursuing my career, working hard and saving my money, I felt it might be time to take that first big step into homeownership. The idea of buying my first home was overwhelming and a bit intimidating, not understanding the process and all that entailed, but still my excitement about having my very own place and my interest in building equity for my future was winning out.
This was going to be, what felt like, a true transition into adulthood for me. I felt that finding the right lender to guide me through the process was very important. I really needed a lender who I could count on to educate and prepare me for all that was entailed in getting approved for a mortgage as well as help me make sure I was getting the right loan for me. As a first time buyer, I had little equity and knew I needed something sustainable that I could manage and maintain for the long term. This was not a small step in my life and I wanted to do everything right.
Significance of Home for First Time Buyers:
For first time buyers, a home offers shelter, security and much more than that. Here are a few benefits of homeownership for new buyers:
- Emotional satisfaction: Homeownership offers emotional satisfaction. It ensures security, pride and fulfillment.
- Stability: When we rent a home, there is an element of uncertainty, whereas owning a home provides financial as well as emotional stability.
- Build equity: With monthly mortgage payments, homeowners build equity in their homes.
- Tax benefits: Tax benefits are available to homeowners.
There are some lenders who offer customized solutions, taking several aspects into consideration. Job histories, salary, credit score, payment record and other aspects are taken into account before offering a home mortgage loan, and the whole picture is considered. Personalized service helps ensure you are getting the correct and sustainable loan that fits your situation.