First Time Homebuyer
Buying your first home is both a bold, new phase of independence and a time of careful contemplation. You’re negotiating the most significant purchase of your life, and you shouldn’t have to do it alone.
Ark Mortgage can simplify the finance process to help you transition from tenant to homeowner. We customize the best loan type, make sure you sign on the correct line at closing, and everything in between. Our Personal Mortgage Advisors are here to help you through the process.
Many of our loans close in 30 days or less – so the home of your dreams is never too far away. When you’re ready to become a homeowner, we’re here to help.
The Better Way to Finance Your First Home
Rent vs. Buy: How to decide
Are you renting? Then you’re already paying a mortgage, property taxes, and insurance. The expenses happen to belong to your landlord, who charges extra to take care of them for you.
Owning a home shouldn’t feel like a dream. It’s just as affordable — if not more so — than your rental. Plug your numbers (monthly rent payments, fees, taxes, etc.) into our Ark Rent vs. Buy Calculator to compare. The report is based on the original purchase price before negotiation, plus current fees and taxes. Keep in mind that insurance and tax amounts fluctuate from year to year, so this is just an estimate.
Frequently Asked Questions
Take it step by step:
Get a Certified Pre-Approval: This helps you understand how much you can afford before you start looking for a home. It also carries far more weight than an ordinary pre-qualification in the eyes of a seller and can help you effectively compete against a cash buyer.
Find a Real Estate Agent: Find a Buyer’s Agent or Realtor who knows the community in which you’re looking to purchase. (The term Realtor means they are real estate agents who subscribe to the code of ethics of the National Association of Realtors). An agent advertising a property or working at an open house is likely a “Listing Agent” and represents the seller. On the other hand, a Buyer’s Agent works just for you, the buyer. You always want someone representing your unique interests in such an important transaction.
Start House Hunting: Once you’ve secured your Certified Pre-Approval and have a Realtor, start shopping with your agent or on the Internet. (A good local Realtor may also know about homes that aren’t even on the market yet.) Decide on your priorities: budget, number of bedrooms, bathrooms, preferred location, size of property and styles of home. Compare neighborhoods, school districts, value for money. Look at as many homes as you need to before making the decision to buy.
There are programs that require as little as 3%-5% down. Your eligibility is based on your overall credit profile, income and assets. Some programs allow part of that amount to be gifted. Speak to a Mortgage Advisor to discuss your situation.
Yes. There are many products and programs available for limited credit profiles, especially for first-time home buyers. Naturally, every situation is different but once your Mortgage Advisor has reviewed your credit profile, they will help you determine what options will work for you.