The Best Mortgage to Get as a First Time Home Buyer in West Virginia
If you’re considering taking out a home loan as a first time home buyer in WV, this may be the perfect year to do it.
According to Zillow, the median home value in West Virginia is one of the lowest in the country at $99,800.
Even with home values predicted to increase 4.2 percent in 2018, homes will remain relatively affordable, which is good news for first time home buyers in WV.
Tips for First Time Home Buyers in West Virginia
Buying a home is equal parts exciting and nerve-wracking. After all, purchasing a home is one of the most significant financial decisions that you will ever make.
As a first time home buyer in West Virginia, there are plenty of new procedures and paperwork that you will have to be prepared for, which can certainly make the process confusing.
Below, please find a set of tips to help make the process of purchasing a home as straightforward and simple as possible first time home buyers in West Virginia.
- Take the time to explore different neighborhoods in West Virginia to find the right home
- Prioritize your preferences like condition, location, size, neighborhood, and price
- Be prepared to make sacrifices on your conditions as a first time home buyer in WV
- Discuss your options with a lending professional to get exact numbers on your budget, monthly mortgage payments, and closing costs
- Be prepared to accept defects and make your own renovations later on
- Take the time to educate yourself about the local real estate market
- Get prequalified for a loan as a first time home buyer in West Virginia before talking to a seller
Horseshoe Bend, WV
How to Get the Best West Virginia First Time Buyer Mortgage Rates
Finding the best mortgage rates for first time home buyers in West Virginia won’t happen immediately. It takes time and research to find what works for your unique financial situation.
If you’re interested in exploring your options, consider using the tips below to find the best rates for first time home buyers in West Virginia.
Boost Your Credit Score
Just as with any loan, better credit scores will provide better interest rates. First time home buyers in West Virginia can position themselves for a better mortgage rate through improved credit scores, even when it comes to refinancing down the road.
For example, according to myFICO, refinancing with a credit range of 760-850 can make borrowers eligible for rates of 3.5 percent.
Compare that to 5.1 percent rates for credit scores between 620-639, and borrowers could potentially be looking at savings of 1.5 percent or more.
Even if it’s just a few points, an improved credit score could certainly help you get the best rates for a West Virginia first time home buyer mortgage.
Save Up for a Down Payment
Saving up for a significant down payment may not be fun, but it can go a long way in boosting your chances at better rates for a first time home buyer in West Virginia.
Most West Virginia mortgage lenders require at least 3 percent, but putting 20 percent down is the best way to provide long-term savings.
A larger down payment will not only affect the rate for a West Virginia first time home buyer loan, but it can also save you from purchasing mortgage insurance, saving money over the life of the mortgage.
Comparing current rates for a first time home buyer in West Virginia from multiple lenders can be tedious, but it’s the best way to ensure that you get an affordable mortgage.
Be sure to check multiple providers of West Virginia first time home buyer mortgages, including online lenders, banks, and credit unions before committing to a lending product.
This is particularly relevant for first time home buyers in West Virginia, since many mortgage lenders will offer special rates and terms for a WV first time home buyer loan.
Conclusion – Finding the Best Mortgage as a First Time Home Buyer in West Virginia
Once you know what type of mortgage for a first time home buyer in WV you need, your next step is to start evaluating lenders to find the best rates and terms.
Just as with any other shopping experience, it’s important to weigh in your options and compare multiple loans for a first time home buyer in West Virginia to ensure that you are getting the best deal possible.
Affordable and manageable mortgages for first time home buyers in West Virginia are determined not just by monthly payments, but also by interest rates and mortgage terms.
As such, don’t be afraid to shop around until you find the best West Virginia first time home buyer loan for your financial needs.
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