Buying Your First Home Has Never Been Easier
Buying your first home can be exciting but confusing. On one hand, it signifies independence and a bold, new phase of adulthood. On the other, it’s a time of careful contemplation as you negotiate what’s most likely the largest and most significant purchase of your life thus far, one for which you’ve spent years scrimping and saving.
Ark Mortgage is dedicated to simplifying the finance process to ensure your smooth and easy transition from tenant to homeowner. From customizing the best loan type for your particular needs to signing that last document at closing, our Personal Mortgage Advisors will help simplify your journey through the mortgage process. Our goal is for you to get home the Ark way – easier, faster, and better.
Many of our home loans close in 30 days or less – so you’ll be moving into the home of your dreams more quickly than you ever thought possible. When you’re ready to become a homeowner, Ark is ready to help get you there.
The Better Way to Finance Your First Home
Frequently Asked Questions
Looking to simplify what first appears as an overwhelming task? The first thing to remember is that there are resources available to help you each step of the way:
Get a Certified Pre-Approval: This helps you understand how much you can afford before you actually start looking for a home. It also carries far more weight than a 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 covers 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. But a Buyer’s Agent works just for you, the buyer. You always want someone representing your unique interests in such an important transaction.
Start Looking for Homes: Once you’ve secured your Certified Pre-Approval and have a Realtor, start shopping in your budget range, either through your agent or the Internet. Decide on your priorities: 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. A great local Realtor may also know about homes that aren’t even on the market yet.
There are programs that require as little as 3%-5% down and based on your overall credit profile, income and assets, you may be eligible. Some programs allow part of that amount to be gifted. Speak to a Mortgage Advisor to discuss your unique situation.
Yes, there are many programs and products available for low-to-moderate income earners including down payment assistance programs. Ark Mortgage specializes in helping such earners become homeowners!
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 best for you.
Rent vs. Buy. Here’s how to decide.
Are you currently renting? You might be surprised to learn that you’re already paying a mortgage (and property taxes and insurance!), it’s just that those expenses currently belong to your landlord. Not to mention the profit you’re paying him to make it worth his while to rent.
If you have dreams of home ownership, rest assured that owning your own home can be just as affordable—or even more affordable—than your rental. Plug in your numbers (monthly rent payments, fees, taxes, etc.) into our Ark Rent vs. Buy Calculator to help you compare the costs of purchasing a home versus continuing to rent. This report is based on the original purchase price before negotiation, plus current fees and taxes. Keep in mind that insurance and tax amounts can fluctuate from year to year, so remember, this is just an estimate.