(WXYZ) — First-time home buyers are bound to have a few questions during the process of purchasing their first home. From mortgages to pre-approvals, it's important for homebuyers to learn everything they can about the home buying process before jumping in.
David Hall, president and CEO of Hall Financial, a well-known leader in Detroit’s mortgage industry, can share advice and tips first-time buyers (and anyone wading into the spring home buying market) can follow to help them secure their dream home. Among his tips:
- The myth of “20% down” – even though buyers haven’t required 20% down for decades, some still think it’s required to purchase a home, which can be daunting for first-time buyers. There are a variety of mortgage and financing options that don’t require it.
- A 30-year fixed-rate mortgage isn't always the best option for a first-time homebuyer. Many first-time homebuyers don’t stay in their first home long enough to pay off a 30-year mortgage, so it’s important to work with a lender who can explain all of your options.
- Speed is really critical in this hot market. Work with a lending partner that can get you a pre-approval quickly and can process your mortgage quickly to get you to close. Having that pre-approval is paramount to getting an offer accepted on a home.
To learn more about Hall Financial, visit callhallfirst.com.
