Buying a new home can be intimidating for anyone, but especially for first-time homebuyers. Despite the initial fear of the homebuying process, homeownership is a great way to join a new community, create stability and escape the rental market.
At Brenner Poole Homes, we understand the worries that come with buying a new home and strive to make the process as easy and stress-free as possible. To help, we’ve provided some key information points that first-time homebuyers should be familiar with as they start the homebuying process.
Your credit score is one of the most important metrics in the loan application process. Top credit score influences include payment history, amount owed, length of time credit has been utilized, number of new accounts or inquiries and various types of credit accounts.
Getting preapproved provides several advantages and can even expedite the homebuying process. Getting preapproved can help first-time homebuyers determine how much they can afford, get an idea about monthly payments, estimate their cash-to-close amount including the down payment, identify qualifying loan programs and improve seller negotiation since sellers are more likely to accept your purchase if they know you are qualified.
To get preapproved, potential homebuyers must provide:
- Income and employment history
- Monthly debts and credit scores
- Source and amount of down payment and closing costs
- Completed loan application
Before you begin the homebuying process, its important to be familiar with the varying types of mortgages and mortgage terms. Conventional Mortgages include Adjustable-Rate Mortgage (ARM), Fixed-Rate Loan and Interest Only, while Government Mortgages include Federal Housing Administration Loan (FHA), United States Department of Agriculture (USDA) and VA Loan. It’s also a good idea to familiarize yourself with mortgage terms such as principal, interest, taxes and insurance, as well as the various types of closing costs.
Homeownership at Spring House at Honey Farms by Brenner Poole Homes is easy thanks to incredibly affordable townhomes in Columbia, Tennessee. Our homes start from the upper $230’s and offer elegant, maintenance-free living just minutes away from one of the fastest-growing Nashville suburbs – Spring Hill, TN. The combination of incredible affordability, great amenities, quality craftsmanship and prime location make Spring House at Honey Farms an ideal home community for first-time homebuyers.
One of the biggest struggles of homebuying is the lack of available homes. Spring House at Honey Farms is continually growing, now building in Phase II, and thus, continually offers new quick-delivery home options. Quick-delivery homes are currently available in three distinct floor plan options that include desired features like custom kitchens with stainless steel appliances and granite countertops, spacious and convenient first-floor owner’s suites, flexible bonus rooms and basement spaces and much more. With so much availability, you’re sure to find a house you love at Spring House at Honey Farms.
To learn more about available quick-delivery homes in Spring House at Honey Farms, visit www.HoneyFarmsLiving.com.