Step 1: Apply with a Soft Credit Check
The first step towards homeownership is reviewing your credit score, liabilities and payments, income, and funds available for a down payment. All of this can be done without a HARD credit check.
Buy a home with the best possible rate & terms
The first step to homeownership is reviewing and creating a budget. Catch Mortgages makes this Simple, Fast, and Transparent. Making it easy to buy a Forever Home with Confidence.
The first step towards homeownership is reviewing your credit score, liabilities and payments, income, and funds available for a down payment. All of this can be done without a HARD credit check.
Now that you have completed your Soft Credit Check, obtained a pre-approval, and situated a home budget. You can shop for homes with confidence that you can buy. Share with your Realtor and start house hunting.
Finding your dream home takes a team. With the competitive housing landscape, having the right REALTOR and Lending Partner matters. Working with an agent that knows the area you are looking to buy with a proven track record can save you thousands. Ask one of our team members about partner referrals and discounts.
Buying a home can be stressful. That is why when you have a pre-approval from Catch Mortgages and a Budget outlined, you can make an offer with confidence.
Are You Really a "First-Time" Home Buyer? (Spoiler: You Might Be!)
Think you missed your shot at first-time buyer perks because you owned a home before? Good news – you might still qualify! Here's the deal:
You're considered a first-time buyer if:
Why Should You Care? Being a "first-time" buyer can save you serious money through:
Quick Tip: Each program has its own rules, so don't assume you're not eligible. Many people qualify without realizing it!
Gone are the days when everyone needed a 20% down payment. Here's the real scoop on what you might need in 2024:
Minimum Down Payments by Loan Type:
Let's Break That Down in Real Money: On a $300,000 home, that could mean:
But Here's What You Should Know:
Pro Tip: Don't empty your savings for a down payment! You'll still need cash for:
The Bottom Line: While you can get into a home with as little as 0-3.5% down, aim for what works for your monthly budget and long-term goals. Sometimes a bigger down payment makes sense, but don't let the old "20% rule" scare you away from homeownership!
Want to run the numbers for your situation? Most lenders offer free consultations to break down your specific options.
Here's What Different Loans Actually Require in 2024:
The Real Talk About Credit Scores:
Quick Ways to Boost Your Score:
The Truth About Bad Credit: If your score isn't great, don't panic. You can:
Bottom Line: While you can technically buy a house with a 500 credit score, aim for at least 620 to have more options and better rates. The difference between a 620 and 720 score could save you hundreds each month on your mortgage!
Think of it like a background peek at your credit that doesn't leave a mark. It's similar to when you check your own credit score or when employers run a credit check. The big deal? These don't hurt your credit score!
The SAFE Way: A Soft Credit Check Pre-Approvals
Why This Matters:
Pro Tip: Even with soft credit checks, save all your mortgage shopping for a 14-45 day window. When you do get hard credit pulls for your final loan, they'll all count as one inquiry if done within this timeframe!
Dont want pesky Cold Calls: www.optoutprescreen.com
You can opt out of Electronic Pre-Screened / Pre-Approved Credit Offers for 5 years. When you do a HARD Credit Pull your DATA is sold by the credit bureaus (Experian, Transunion, Equifax) to bottom feeding bait and switch mortgage companies.
The Too Long; Didn't Read:
Closing costs are all those extra fees beyond your down payment. But here's the good news - you might not have to pay them all yourself!
Show Me the Money: What's Included? Typical closing costs run 2-5% of your loan amount. On a $300,000 house, that's $6,000-$15,000 for stuff like:
The Game-Changer: Seller Concessions
Here's the hack most people don't know about:
For Conventional Loans:
For FHA Loans:
Pro Tips for Getting Sellers to Pay:
Other Ways to Handle Closing Costs:
The Real Talk: Yes, closing costs suck. But don't let them scare you away from buying. Between seller concessions, lender programs, and smart negotiating, there are legit ways to reduce what you pay out of pocket.
Quick Action Steps:
Remember: In today's market, sellers often expect to help with closing costs - you just need to make it part of your offer strategy!
First home? We'll make getting your mortgage simple.